I am not a big fan of waiting for a correction (weakness) when entering a trade by applying a trend-following strategy. I wanna buy strength and sell weakness. Nevertheless, given the overall alt/btc market, it makes sense to wait for a retracement and take this 1 to 5 risk-reward ratio trade.
The reason why I wouldn't enter a position after the initial breakout high is that, as opposed to most other alts, ZIL didn't establish a well defined range before breaking out. The advantage of entering on a range breakout is that automatically that prior range high becomes a strong level of support that protects our stop/entry.
The reason why I wouldn't enter a position after the initial breakout high is that, as opposed to most other alts, ZIL didn't establish a well defined range before breaking out. The advantage of entering on a range breakout is that automatically that prior range high becomes a strong level of support that protects our stop/entry.
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Consolidating above support. Weekly close above support. Still a great looking trade setup.
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In consonance with a host of other alt coins, ZIL has been holding above the most recently flipped S/R level at around the 0.0000006300 area.
It really is a critical level that the altcoin market needs to hold.
It really is a critical level that the altcoin market needs to hold.