[ZILBTC](542%) Zilliqa Double Bottom, LONG Trade
[25-July] Buy-in updated. Will move soon.
Zilliqa (ZIL) Overview
Introduced in 2017, Zilliqa (ZIL) is centered around the idea of ‘Sharding’ and was designed to enhance the scalability of cryptocurrency networks such as Ethereum. Sharding is analogous to the concept of ‘divide and conquer’, where transactions are divided into smaller groups for miners to perform parallel transactional verification. The upshot of this is the ability to reach consensus more quickly, which would increase the number of transactions in a given period. According to the white paper, transactions speed could scale to approximately 1000x that of Ethereum’s network. Zilliqa’s high throughput means that developers can focus on fleshing out their ideas rather than worrying about network congestion.
Zilliqa (ZILBTC) Chart Analysis
Here we have the chart for Zilliqa (ZILBTC), which is looking beautiful and can potentially produce a strong breakout to the upside… Here is the daily time frame:
- First, we have a double bottom, which is hard to see on the chart above but ZILBTC hit the same low at 0.00000132 on the 28th June and the 4th of July, normally 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.
- Let’s proceed to check the trade details…
Zilliqa (ZILBTC) Full Trade by Alan Masters
Buy-in: 0.00000101 – 0.00000120
Profits potential: 542%
(Buy-in calculated at 0.00000151)
Stop-loss: Close weekly below 0.00000100.
Capital allocation: <10%.
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Trade: Zilliqa [ZILBTC] BUY: 0.00000210 – 0.00000250 (240) TARGET: (1) 0.00000278 -Reached 21-May (+16%), 4-June (2) 0.00000298 -Reached 21-May (+24%), 4-June (3) 0.00000320 -Reached 4-June (+33%) (4) 0.00000355 (5) 0.00000390 (6) 0.00000420 (7) 0.00000450 (8) 0.00000540 (9) 0.00000600 STOP: Close weekly below 0.00000180. *= Peak price reached. Chart: Source: https://www.tradingview.com/x/fBEMjdH4/ Namaste.