ZIL/BTC Testing Resistance for a Breakout

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As you can see from the chart, ZIL/ BTC has been retracing since its massive rally in May-June. Until now, prices have been trading just below the 200 EMA for all of September.

Over the last couple days, we can see increasing volume on ZIL/ BTC . The MACD has crossed into bullish territory and the RSI is strong too. There may be some rejection here, at which point we can wait to see the price retest the immediate support in the 150-160 satoshi range. But, if ZIL/ BTC breaks out, then we can look to enter long in the 190-210 satoshi range.

ZIL/ BTC is facing some resistance in the 185-190 satoshi range. I am currently bullish on this chart but waiting for the breakout for confirmation. This chart can easily print higher highs on a breakout, and the potential immediate breakout targets are 230, 280, 330, and 380 satoshi. Keep your eye on this one!

Leave your thoughts and comments on whether you agree or disagree below. Also leave a like/follow if you liked the analysis! Thanks for reading, happy trading.

Price at writing: 0.00000182 BTC (183 satoshi).