$ZILUSD - The Wyckoff test.NOT FINANCIAL ADVICE.
This is my first ever attempt to jump onto the Wyckoff's method bandwagon after spending weeks of reading and testing.
This post is as much an effort to figure out $ZILUSD's trend as it is to grow my understanding in this school of thought.
As such, I welcome all feedbacks, criticisms, advices, and where I might have erred a thing or two, my apologies in advance.
Wyckoff's Method
Richard Wyckoff established simple but powerful observational rules for 4 trend recognitions: Accumulation, Markup, Distribution and Markdown -- but nothing is really that simple, right?
Within this debilitating chart, which looks nothing like your standard Wyckoff schematics, it is pretty difficult to pinpoint in which trend $ZIL is in.
One thing for sure though is that we see contracting volume, a recipe ripe for volatile price action.
Contracting volume
One of the key tenets of Wyckoff's method, volume relates to supply and demand.
We see preliminary supply (PSY) contracting circa Dec 2020.
However, I find it difficult to confirm if we are in a distribution trend, as we see characteristics of upthrusts (UT), or if we are in a re-accumulation trend, where we see signs of strengths (SOS) aplenty.
$0.10 will be the critical point of support, while $0.15 is the crucial wall of resistance that Bulls need to break to induce retail confidence and invoke a 'spring' out of this creek, which is the highlighted red rectangular zone.
This 'creek' will be a point of particular interest in the next few weeks (or months even).
Whether price will jump from (SPRING) or if it is the last point of supply area (LPSY), perhaps practicing caution is not such a bad idea until we see further price (and volume) action.
Until then, happy trading~!
ZILUSD trade ideas
Convenient location for ZIL digital currency tradingThere may be a harmonic pattern in the chart above, so the price is likely to jump to the following targets.
Ascending Targets
0.14732630
0.18238909
0.22033375
Specific descending targets
0 08248415
0.05942917
Be successful and profitable ...
Zilliqa (ZIL) - May 19Good morning?
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(ZILUSD 1W chart)
(1D chart)
We need to see if we can get support and climb in the 0.15914493-0.17864466 range.
If it falls at 0.15914493, you need a Stop Loss to preserve profit or loss.
However, you can touch the 0.14156899 point and go up, so you need to trade carefully.
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(ZILBTC 1W chart)
(1D chart)
We have to see if we can get support and ascend in the 398 Satoshi-421 Satoshi section.
If it falls, we need to see if we can get support at point 387 and move up along the uptrend line.
If the CCI line does not rise above 100 points and the EMA line on the CCI-RC indicator, it is likely to be in a downtrend and requires careful trading.
In order to maintain the uptrend, it must rise above the 0.20511546 point and be supported.
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It is advisable to trade at your average unit price.
This is because if the price flows below your average unit price, which was on an uptrend or downtrend, there is a high possibility that you will not be able to earn a large profit due to the psychological burden.
The center of every trade starts with the average unit price you start trading.
If you ignore this, you may be trading in the wrong direction.
Therefore, it is important to find a way to lower the average unit price and adjust the proportion of the investment, so that the money that ultimately corresponds to the profit can regenerate the profit.
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** All indicators are lagging indicators.
So, it's important to be aware that the indicator moves accordingly with the movement of price and volume.
Just for the sake of convenience, we are talking upside down for interpretation of the indicators.
** The wRSI_SR indicator is an indicator created by adding settings and options from the existing Stochastic RSI indicator.
Therefore, the interpretation is the same as the conventional stochastic RSI indicator. (K, D line -> R, S line)
** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator that oh92 disclosed. (Thank you for this.)
** Check support, resistance, and abbreviation points.
** Support or resistance is based on the closing price of the 1D chart.
** All explanations are for reference only and do not guarantee profit or loss on investment.
Explanation of abbreviations displayed on the chart
R: A point or section of resistance that requires a response to preserve profits
S-L: Stop Loss point or section
S: A point or segment that can be bought for profit generation as a support point or segment
(Short-term Stop Loss can be said to be a point where profits and losses can be preserved or additionally entered through installment transactions. It is a short-term investment perspective.)
GAP refers to the difference in prices that occurred when the stock market, CME, and BAKKT exchanges were closed because they do not trade 24 hours a day.
G1: Closing price when closed
G2: Market price at the time of opening
(Example) Gap (G1-G2)
Zilliqa - from exuberance to ... dispairNoting the potential for an EW Flat Correction, with the double-top, suggestion a possible pivot low of $0.088.
What do you think?
Ride the Uptrendif above 0.26 buy -> Broke resistance
also watch at the volume, it should have decreasing sell volume and strong buy volume.
Good R:R of 1.5
Lets get bullish on ZILLIQA and $ZIL, with Wave 5 underway!NOT FINANCIAL ADVICE
Be warned that this post contains an extremely bullish count for $ZIL, unlike my previous post , which was counted with a hint of bearishness.
Let's put aside that bearish possibility for a while, because in the macro trend $ZIL is bullish!
As with most Elliot Wave studies, more confirmations received sometimes causes the counts to change ever so slightly and sometimes drastically.
Let's take a look at this mid-late April dip:
We witnessed one of the scariest dips ever seen in recent times, as the Wave 4 correction hit us hard and swift.
Definitely shook plenty of weak hands, while reinforcing the diamond hands even further (which one are you?).
Prices and sentiments quickly recovered, causing a truncated Wave C which then led us to..
Wave 5:
A new impulse wave is born.
Or it could be a leading wave 5 too!
However, I am inclined to estimate a really good impulse Wave 5 climb here simply because the sentiments (mostly crypto twitter) that are riding on this final Wave are quite intoxicating.
Couple that with these three exciting majorly huge projects expected to be launched this quarter:
- migration to Mainnet V8 (faster block times = faster rewards!)
- Pillar Protocol (more stablecoins shenanigans!)
- PolyNetwork (bridges to other blockchains, such as Bitcoin, Ethereum, Binance Smart Chain and Cosmos, amongst many)
Thirdly, google search trends for "Zilliqa" is at its highest ever -- and this to me, is the strongest signal for a huge upcoming Wave 5!
But where are your price targets Googooboyy?
As with all elliot wave studies (or any TA), it is best used to gauge the trend that we are in and tackling the magnitude of price action is a really tough call, best reserved for shamans and voodoo-mangeries..
But a simple fib based trend extension..
..gives us a decent target of $0.30 in the near term.
Very decent, very modest, just a simple prediction.
And with that, I'll also leave you with a price target nugget ( link here ) by youtuber, Marc Scapelitte, via regression models, which also uncannily predicts a price top of $0.30 by May.
Happy trading~
$ZIL Zilliqa 3 Years ago....Imagine this: 3 years ago on 5/10/2018 investors bought (ZIL) at the previous all time high of 23.55 cents. On 3/9/2020 Zilliqa (ZIL) hit an all time low of .0021 cents! Zilliqa (ZIL) is currently in price discovery searching for a new all time high. This is not financial advice.