$ZIL #ZILLIQA - ZILs' next double top following a double bottom?
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Hello Lads and Ladies,
Today we are looking into the requested chart on ZILBTC. It is quite a newcomer so there is not that much to do and analyse here. You see in the chart overlaying fibonacci retracements. The first one based on the first more long term push and the second one based on the extreme push at the end of it. We saw it retracing to the 61.8% long term and 100% short term fibs line. As expected it had its bounce to the long term 38.2% and short term 61.8% fibs line. There it got rejected, retraced and started second small push. Unfortunately, the second push seems to be rejected as well and if it falls a little more this will very much look like a double top, which would have its stop at the previous 61.8% and 100% line. ANYHOW, there it would be a double bottom formation, which would indicate a significant push. Any push is heading towards the perfectly overlapping 23.6% long term and the 38.2% fibs line. Should the double bottom formation not have enough volume to push through, it will most likely retrace even more to the longterm 78.6% and the 127.2% short term fibs line. I would be watching it closely and see what path it is taking. It's decision time for ZILBTC right now.
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