Zilliqa Trading Strategy and Trend Reversal Expected
This is my first TA. Doing it after taking a course with Cryptonary.
Most of the times I'll be doing Technical analysis based on trends and Fibonacci retracement.
In this chart, it can be seen that Zil/Btc hit an all-time high at 0.00002500, which in my opinion was overextended bull run. Now the Btc is taking some time to consolidate.
I expect Zilliqa to reverse the trend after hitting 0.5 Fib. level (We'll see a spike and quick bounce back). I have also made a trend line and I expect to Zilliqa to bounce from the trendline.
An ideal would be to see it bouncing back from 1580 levels.
If this idea works then give me thumbs up. Constructive criticism will be appreciated :)
Most of the times I'll be doing Technical analysis based on trends and Fibonacci retracement.
In this chart, it can be seen that Zil/Btc hit an all-time high at 0.00002500, which in my opinion was overextended bull run. Now the Btc is taking some time to consolidate.
I expect Zilliqa to reverse the trend after hitting 0.5 Fib. level (We'll see a spike and quick bounce back). I have also made a trend line and I expect to Zilliqa to bounce from the trendline.
An ideal would be to see it bouncing back from 1580 levels.
If this idea works then give me thumbs up. Constructive criticism will be appreciated :)
Comment:
A big green candle was seen just around the reversal zone. Can't confirm reversal yet, will wait for another 12hours to confirm its reversal.
Trade closed: target reached