Further to my last comment that ZILUSD upward pressure would continue at least until Christmas.
Looking at this 6 day chart of ZILBTC I have placed a vertical timeline on May 24th.
You can see a virtually identical scenario with the indicators as present day.
We can see that the Green MA is about to move out to the side allowing the White Energy to fall below resulting in the green being higher than the Energy in this timeframe. The Red RSI is nearly at the same level and significantly higher than 50. The Blue LSMA is about to cross 50 - same as on 24th May. This indicates that the Bollinger Bands are likely to expand - we can already see this beginning to happen. Price action is already between the aqua/orange upper BB. As the BBs expand it looks like we could have a powerful move to the upside as we saw on 5th June. We have already seen the Red RSI & the Blue LSMA make contact with the Green & close as the green was ascending. This is Bullish . Obviously BTC can change all this, however despite it looking like there will be periods of downward pressure in BTC in shorter timeframes, the 12D still shows upward pressure. So I am reasonably confident that we may well see a powerful move from ZIL in the near term.
This is just an observation on a single timeframe and not a multi-timeframe analysis.
I am still learning these indicators so this is my opinion only and not financial advice.
Looking at this 6 day chart of ZILBTC I have placed a vertical timeline on May 24th.
You can see a virtually identical scenario with the indicators as present day.
We can see that the Green MA is about to move out to the side allowing the White Energy to fall below resulting in the green being higher than the Energy in this timeframe. The Red RSI is nearly at the same level and significantly higher than 50. The Blue LSMA is about to cross 50 - same as on 24th May. This indicates that the Bollinger Bands are likely to expand - we can already see this beginning to happen. Price action is already between the aqua/orange upper BB. As the BBs expand it looks like we could have a powerful move to the upside as we saw on 5th June. We have already seen the Red RSI & the Blue LSMA make contact with the Green & close as the green was ascending. This is Bullish . Obviously BTC can change all this, however despite it looking like there will be periods of downward pressure in BTC in shorter timeframes, the 12D still shows upward pressure. So I am reasonably confident that we may well see a powerful move from ZIL in the near term.
This is just an observation on a single timeframe and not a multi-timeframe analysis.
I am still learning these indicators so this is my opinion only and not financial advice.
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Update in higher timeframes
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Near Term Timeframes
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I'm still concentrating on the 6d timeframe. As expected the price has now wicked up to the red upper bollinger band. We can also as anticipated see a further widening of the bollinger bands. If we look at the image below we can see that the White Energy and Green have both ascended slightly. Current position is still very similar to that indicated by the vertical timeline on 24th May.
The Green MA is higher than the energy in all lower timeframes. However in higher timeframes I still cannot see any clear indication as to continuation or reversal signals. The next 6d candle begins in 2 days and 8 hours, I believe from what I'm seeing from these indicators that there is a good chance for upward pressure to continue for at least the next 6 day candle. The trajectory of decline of the White Energy is currently shallow and bearing in mind the fact that every pair has it's own personality with regard to these indicators and taking into account the peak of the White Energy, I'm guessing that in this timeframe upward pressure should continue at least until the White Energy drops below 80-90. Based on the uncertainty in the higher timeframes, it is still possible that as per the behaviour around June 5th we could see a sharp decline after a strong upward move. In order to determine the likelihood of this occurring I would need to look more closely at the ZILUSD & BTCUSD pairs. As always - this is not financial advice. Happy trading guys & Happy Christmas
The Green MA is higher than the energy in all lower timeframes. However in higher timeframes I still cannot see any clear indication as to continuation or reversal signals. The next 6d candle begins in 2 days and 8 hours, I believe from what I'm seeing from these indicators that there is a good chance for upward pressure to continue for at least the next 6 day candle. The trajectory of decline of the White Energy is currently shallow and bearing in mind the fact that every pair has it's own personality with regard to these indicators and taking into account the peak of the White Energy, I'm guessing that in this timeframe upward pressure should continue at least until the White Energy drops below 80-90. Based on the uncertainty in the higher timeframes, it is still possible that as per the behaviour around June 5th we could see a sharp decline after a strong upward move. In order to determine the likelihood of this occurring I would need to look more closely at the ZILUSD & BTCUSD pairs. As always - this is not financial advice. Happy trading guys & Happy Christmas
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If the Red RSI can close above 56 when the current 8 Day candle closes in 14 hours, I'm expecting upward pressure to continue into the first week of January
Please see update
Please see update
