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Zilliqa has seen a very nice bullrun over the past month. It played out beautifully with retracements whenever it was necessary.
After a 300% increase since the beginning of May it is healthy to see a significant correction come into play. Zilliqa however is a qualitative project with great upside potential. This is why I feel this correction is welcome as it gives us the opportunity to either buy some more ZIL at a cheap price, or to catch a nice trade with high R/R.
What can the chart tell the bulls:
- Elliot wave correction has been fullfilled
- Higher lows have been set (yellow circles)
- Double bottom formation
What can the chart tell the bears:
- Yet to set a higher high
- Bearish divergence with the RSI
- Weekly resistance level at 214 sats
Trade opportunity:
Possible entries: Weekly R (214 sats) or Daily S (206 sats)
Targets: Daily R (229 sats) = 7% and Weekly R (286 sats) = 33%
Happy trading!
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Zilliqa has seen a very nice bullrun over the past month. It played out beautifully with retracements whenever it was necessary.
After a 300% increase since the beginning of May it is healthy to see a significant correction come into play. Zilliqa however is a qualitative project with great upside potential. This is why I feel this correction is welcome as it gives us the opportunity to either buy some more ZIL at a cheap price, or to catch a nice trade with high R/R.
What can the chart tell the bulls:
- Elliot wave correction has been fullfilled
- Higher lows have been set (yellow circles)
- Double bottom formation
What can the chart tell the bears:
- Yet to set a higher high
- Bearish divergence with the RSI
- Weekly resistance level at 214 sats
Trade opportunity:
Possible entries: Weekly R (214 sats) or Daily S (206 sats)
Targets: Daily R (229 sats) = 7% and Weekly R (286 sats) = 33%
Happy trading!
