Zil:ETH Bearish Head and Shoulders Potential
TL:DR - Bearish H&S pattern forming against Ether, watch for breakdown to 0.0001925. Otherwise we are in a sideways channels with no clear trade.
This is the Zil:Eth 4H chart. Zil did have a nice bullish candle on 5/19 where the descending wedge and blue upward trend met. Unfortunately since then ZIL has not held its momentum. Even worse, there is the distinct possibility of a head and shoulders formation which is bearish. The H&S looks very valid as there is decreasing buy side volume and increasing sell side volume. If it is valid I would expect a price breakdown in the next 1-2 days with a spike in sell side volume. Conservative price target is the black dotted line at 0.00019247 BUT it could go much lower depending upon where you measure the peak of the head (If you don't understand this look up the H&S pattern and how to measure a price objective).
REMEMBER, this is a Zil:ETH chart, not Zil:USD or whatever your favorite fiat is. Zil could maintain its price of about $0.12 and still complete this H&S pattern if Ether breaks out. So this chart does not necessarily mean Zil's price in terms of USD will go down.
The other, less likely scenario is Zil is forming a sideways channel which offers opportunities for day traders but no clear moves for swing trading.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the Zil:Eth 4H chart. Zil did have a nice bullish candle on 5/19 where the descending wedge and blue upward trend met. Unfortunately since then ZIL has not held its momentum. Even worse, there is the distinct possibility of a head and shoulders formation which is bearish. The H&S looks very valid as there is decreasing buy side volume and increasing sell side volume. If it is valid I would expect a price breakdown in the next 1-2 days with a spike in sell side volume. Conservative price target is the black dotted line at 0.00019247 BUT it could go much lower depending upon where you measure the peak of the head (If you don't understand this look up the H&S pattern and how to measure a price objective).
REMEMBER, this is a Zil:ETH chart, not Zil:USD or whatever your favorite fiat is. Zil could maintain its price of about $0.12 and still complete this H&S pattern if Ether breaks out. So this chart does not necessarily mean Zil's price in terms of USD will go down.
The other, less likely scenario is Zil is forming a sideways channel which offers opportunities for day traders but no clear moves for swing trading.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Aviso legal
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