Documented Trade #3 | Zilliqa

almost 4 years ago

I continue to learn Technical Analysis making some trades along the way with the main purpose to learn from them. I made my 3rd documented trade today on which unlike all technical analysts online, I am keeping close track of the actual results.

The trade I took today is on Zilliqa vs Bitcoin with an eye to increase the Bitcoin within the next 30 days. It is based on basic support/resistance levels inside a trading channel.

Looking at the daily chart, there has been a major move up followed by a correction that shows signs of having bottomed out. The price currently seems to be finding support on the 10-day moving average along with the 0.382 Fibonacci Retracement and the bottom of an upwards moving parallel trading channel. The 10-day moving average also is above the 21-day moving average which generally is a bullish indication and the 21-day moving average can act as secondary support in case the price breaks down a bit.

When taking a closer look at the 4-hour chart, it can be seen that the price in clearly in an upward parallel trading channel now hitting the bottom of it. The price of Zilliqa was also in a descending triangle pattern which broke up. There was a correction down and the previous resistance now seems to be acting as support.

Buy Price: 0.00000212 BTC
Stop Loss: 0.00000197 BTC
Sell Price: 0.00000248BTC-0.00000264 BTC
Time Window 1-10 days

Basically, Zilliqa is setting higher highs and higher lows again and seems to be at a point where there are multiple support indicators at least from everything I have learned so far about Technical Analysis. I will give this one about 10 days

Previous Documented Trades