Zilliqa Bitcoin Analysis

12 mag 2018

Bitcoin is facing a critical moment and since the Bitcoin direction strongly influences the course of other altcoins, I suspect the turnout of the price of Zilliqa will be lead by what Bitcoin is going to do. Zilliqa is heading to the lower bollinger band with coincides with a couple support and resistance levels that has been proved significantly for Zilliqa (red area). The Directional Movement Index shows that Zilliqa is most likely forming a more sideways market which will bounce of the support line up and back down when it reaches the upper support line. However: also Bitcoin is in a critical moment. Ideally, if the bulls are able to manage and exert enough power, bitcoin will break through the resistance at 9150 euro and Zilliqa will most likely break out it's broadening descending wedge formation (which has been forming since it's ath). If Bitcoins doesn't breakout it's own channel however; Zilliqa will most likely drop below it's support. All eyes on Bitcoin.