ZIL: Potential good entry coming up on the daily chart
ZIL has been VERY well received by traders on Binance since its recent listing and this idea is about capitalizing on a potential continuation of the uptrend.
On the daily chart we can see that the initial bullish impulse finally became exhausted at 2500 sats on a daily candle that traded on TDS count of 13 for the majority of the candle, a large spike in volume and RSI before rolling over to the downside marking a clear top on this move. The strength of this initial move was such that a continuation to all time highs is likely once a solid support is established.
The most likely area for the price to find support is the intersection of the .382 Fib line and 50 day moving average which converge in a round 3 days to coincide with a TDS count of 9 to reverse the price. What I'm looking for is a powerful reversal candle to form around this areas as traders who have been waiting for a pullback to enter the market open their positions to provide the momentum to break the previous resistance level. Some of the position can be bought if a 9 sell candle starts ranging under the 50 day moving average in attempt to catch the wick of the reversal candle although the safer play is to enter once the following day trades over the reversal candle from the prior day.
Targets to the upside on this trade are 100% to the previous high and 200% on a move to the 1.618 fib extension of the trend at 3880 sats.
A daily close under the 50MA invalidates this idea.
On the daily chart we can see that the initial bullish impulse finally became exhausted at 2500 sats on a daily candle that traded on TDS count of 13 for the majority of the candle, a large spike in volume and RSI before rolling over to the downside marking a clear top on this move. The strength of this initial move was such that a continuation to all time highs is likely once a solid support is established.
The most likely area for the price to find support is the intersection of the .382 Fib line and 50 day moving average which converge in a round 3 days to coincide with a TDS count of 9 to reverse the price. What I'm looking for is a powerful reversal candle to form around this areas as traders who have been waiting for a pullback to enter the market open their positions to provide the momentum to break the previous resistance level. Some of the position can be bought if a 9 sell candle starts ranging under the 50 day moving average in attempt to catch the wick of the reversal candle although the safer play is to enter once the following day trades over the reversal candle from the prior day.
Targets to the upside on this trade are 100% to the previous high and 200% on a move to the 1.618 fib extension of the trend at 3880 sats.
A daily close under the 50MA invalidates this idea.
Comment:
TDS count has flipped on the daily chart- idea invalidated.