ZIL Update: Long or Short when BTC is looking bad?
The box indicates the demand zone which is showing much strength whenever ZIL takes a hit. Buyers are happy to buy in this region and are always selling at key resistances.
We have been making lower lows during the retracement after the 500% uptrend (highlighted and circled in blue). We recently made a higher low (circled in red), and I think there is no need for ZIL to test critical support levels for buyers to show up.
Why did the 0.12 level does not hold up during BTC retracement? My best guess is that most buyers long at the critical support level which is 0.10 previously and are selling between 0.12-0.13. If we are able to hold the higher low support this time, buyers will have no choice but to buy higher, thus pushing prices up and potentially making a higher high when testing the next resistance level.
We have been making lower lows during the retracement after the 500% uptrend (highlighted and circled in blue). We recently made a higher low (circled in red), and I think there is no need for ZIL to test critical support levels for buyers to show up.
Why did the 0.12 level does not hold up during BTC retracement? My best guess is that most buyers long at the critical support level which is 0.10 previously and are selling between 0.12-0.13. If we are able to hold the higher low support this time, buyers will have no choice but to buy higher, thus pushing prices up and potentially making a higher high when testing the next resistance level.
Note
BTC has been trading sideways within a channel of 35k(bottom) to around 48k(local top) and recently been trading lower. I will not rule out that BTC will start to trade even lower at below 39k but 35k is potentially the bottom IMO. Soon we will see either we breakout or break down from this channel. My bet is that BTC should breakout.
Note
ZIL looking bounced off the previous buy region which is 0.10 to 0.109 very nicely thus confirming that sellers booked in 30% profit off the key resistance area at around 0.13. IMO, there is no need to test key critical support unless BTC dumps heavily.We will wait to confirm that we made a higher low at 0.11ish to be extra bullish.
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