- The short-term is in a downtrend while the medium-term outlook is in a range-bound market.
- Patience is required trading the consolidation.
ZIL/USD Medium-term Trend: Ranging
Supply zone: $0.02500, $0.02600, $0.027000
Demand zone: $0.01600, $0.01500, $0.014000
ZILUSD is in consolidation in the medium-term. $0.02485 in the supply area was yesterday high while $0.02267 in the demand area was the low of the day as the cryptocurrency continues in a range-bound market. The bearish engulfing candle during yesterday session confirms the bears’ return as ZILLLIQUA price fell yesterday.
Today’s 4hour opening candle at $0.02324 sustain the bears’ pressure with a further drop in price to $0.02091 as the cryptocurrency journeys south. The stochastic oscillator signal points down at 40% which support the downward momentum in price within the range in the medium-term
ZILUSD is in consolidation and trading between $0.02450 in the upper supply area and at $0.02000 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
ZIL/USD short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in the short-term outlook. The bulls attempt to continue the uptrend was lost at $0.02485 in the supply area. The inverted pinbar coupled with the large bearish candle at $0.02451 created the double top a bearish reversal pattern. Hence, the bears’ control of the market before the end of yesterday session.
ZILUSD fell to $0.02272 in the demand area been the low of the day as the two EMAs were broken.
The bears continue the push to the downside today with another large candle shortly after opening. Price dropped to $0.02156 before the wick formation which connotes exhaustion and the bulls’ brief presence for correction to the upside.
A retest at $0.02100 in the demand area is the bears’ initial target as pressure builds up.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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