Zilliqa Bullish Double Bottom Plus Broken DownTrend

6 Jul 2019

Here we have the chart for Zilliqa (ZILBTC), which is looking beautiful and can potentially produce a strong breakout to the upside…

Let's take a minute and look at this chart together...

• First, we have a double bottom, ZILBTC hit the same low at 0.00000132 BTC on the 28th of June and the 4th of July, this is a bullish pattern.
  
• We can also see the bullish divergence on the MACD and RSI, purple arrows. Notice how the price is going down while the indicators are moving up. This is a very strong and accurate signal but it doesn’t always play out, it can be invalidated.
  
• This double bottom pattern also happens to be a new all-time low on Binance for ZILBTC, making this a retest of the low… Probabilities are high for a move to the upside here.
  
• The RSI is also moving out of oversold and there is a recent break/challenge of EMA5.
  

Conditions for change: If ZILBTC moves lower and closes below 0.00000132 BTC on the daily time frame, the above signals become invalid and a new analysis is needed.

Thanks a lot for reading.

Namaste.

6 Jul 2019

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