Measured move up for BTC and ZIL for COINBASE:BTCUSD by ranxero46

Please mind that this analysis is mostly technical and might get invalidated by fundamental or news events.

This is a suggestion to go long on BTC and Zilliqa(ZIL) native coin.

Inside the green circle:

Just as in the text book … how much confirmation do you need to go long?

On 7th September we saw a stop hunt to take out weak bulls who entered

around or before 7th of August and had already moved their stops up to the low of a
double bottom that formed between 12th – 18th August(purple line), to secure their position.

In general, as the effort to wipe out the bulls so aggressively is so obvious, I regard this as

a psychological attempt to scare small investors(= weak bulls in this case) out of the market.

Another indicator for price to go further up North.

Following the stop hunt we again saw a double bottom where the second low could not quite reach down to the

first one. This was then terminated by a strong bullish momentum engulfing pattern with follow-up candle

and a rather weak pullback retest a the time of writing.

The red lines indicate a measured move up and I’m assuming we will even be seeing a third leg up.

The grey lines indicate a more realistic behaviour of the price movement.

As ZIL is following BTC so nicely we cannot only expect a second leg of the same length as the first one

but at least a movement up to the top of the resistance zone that formed around April and May.

Decentralized Finance has only just begun, so I have no clue what price levels we eventually will be seeing

for ZIL and similars, but there sure is a huge upwards potential within the near and further future.

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