ZILUSD trade ideas
Based on past fractal, 19-Aug could see price of $0.0374Intersection of pitchfork median line and fib levels, as happened end of April
Possible ZIL Movement Soon?Zilliqa, the ancient sharding project that I use to be heavily invested in 2017, now seems to be consolidating and possibly revering up for a big move soon after its run-up from the past few weeks. I know descending triangle patterns are usually bearish but I'm unsure about this one. I think this post is more of a notice of possible movement soon, so I'm going to keep ZIL on my watchlist. I sold the ZIL bag months ago so I have no position in it...yet
ZILUSD on bitfinex where are we going?on the Bitfinex exchange Ziliqa reached the lower channel line and there was a strong ransom, this is a sign of further growth. Considering that a saucer or a cup with a handle was formed earlier for more than a year, the growth will be strong ... On the chart, I drew a possible movement of the coin with arrows.
Weekly timeframe.
This idea does not mean a guide to action, this is my personal vision of the situation ...
ZIL/USDWe might start a wave 1 of 3 really soon, set up some orders around this price range and let it come to you.
Ziliqa In Wyckoff Re-Accumulation Phase DWyckoff Method is useful for understanding the big picture of market cycles.
The simple version has been popularised in the crypto community showing the downwards trend market leading to despair and capitulation... then rising to the highs of a blow-off market cycle top.
Some analysts believe the next cycle high will occur end of 2021.
As market conditions change, our trading style should change to accommodate.
But what most crypto analysts miss are the smaller Wyckoff accumulation/distribution phases that are constantly happening across all markets.
In this ZILUSD chart we can see a general outline for the 5 phases of Wyckoff analysis. Ultimately the pattern is only fully confirmed at its conclusion, just when a new upswing begins (Phase E), and we attempt to identify where phases C and D begin and end as the price movement progresses.
The goal is to not get mixed up with manual trades during phases B, C or D as that's where a lot of traders seems to erode their account by selling bottoms and re-buying highs. The best risk/reward opportunity is in phase E before the next mark-up phase.
So far with ZILUSD it appears we have now concluded a phase C with the secondary test, and began phase D which should show a step-by-step price increase to retest resistance.
We'll cover more on Wyckoff Method as part of our educational series on technical analysis with a special focus on strategies useful for Algo-assissted trading.
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Note: This is general insight into trading psychology. It is not financial advice. We provide analysis and tools to help traders make their own trading decisions.
What's Up With Ziliqa?If you're HODLing bags of ZIlUSD then patience will get you through the night.
Ziliqa is on a consolidation phase that may last a while longer while other coins are rising higher.
Zooming out on the 3-day chart reveals the trading range for major consolidation
Despite breaking out of the current trendline, the 6-hour chart shows momentum is still pushing down. We'd want to see an 8% gain to get back above water in the near-term.
That's a good cup o' joewaiting to see a breakout to confirm...I'm overall long on ZIL but I can see this trend pulling back a little further.
Ziliqa Consolidating NicelyZILUSD is struggling with the 4-hour time-frame at the moment but from a 2-day and 3-day perspective things are looking very good indeed.
Price seems to have found good support around the 16 cent level to consolidate this months upwards price movement.
Our 40% target was delayed, but back in play.
Ziliqa at risk of 40% drop reveals new weekly candleThe weekly candle close was brutal.
After an indecision candle 2 weeks ago which pierced resistance and then closed below...
...then last weeks candle a steep red...
...and MACD trending down...
...given the meteoric rise we've seen in ZILUSD the past few months...
...it makes sense that Ziliqa may have to drop all the way down to find support, perhaps at the 0.011 level. A 40% drop from current price.
This is more likely to happen if BTCUSD does not somehow manage to quickly break it's consolidation range to move upwards, which as usual would probably bring the rest of the market up with it, including Zil.
Bottom line, traders are likely to be taking profit and looking for a cheaper entry position on Zil.
Ziliqa Target of 40% to 50% Gain2-day and 1-day momentum is now positive with a clear breakout of recent downtrend. ZILUSD looking to re-test local high once it breaks through immediate resistance.
Previous downtrend projection is now cancelled
ZIL Just Getting started? Wave 2 retrace, BullishLooks like a completed first wave impulse. Look for a short term retest of resistance ($0.022 - $0.023) before moving down to test the support level at $0.012 - $0.013.
Log chart Support and Resistance Supply zones:
Elliott wave count and key Fib levels:
Never Trust. Verify.
DYOR. Not Financial Advice Just an Observation.
Always remember: Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
By Mid July, this correction should be in the past.- Aside from potential 1-day long squeeze wicks, price should stay above the current 2020 ATH
- Pitchfork altered to Schiff. Fits better to estimate the lower boundaries for price.
Zilliqa breaks up, may continue rallyZil/usd broken the flat corrective channel. I expect another bull continuation. The correction phase also landed beautifully on .618 fibonacci retracement level with W-X-Y structure.
