ZIL seen from the temporality of 1M we can see how the current candle has tested the diagonal of 13° marked in red in the chart above, this angle is the closest to the structure of bass candles, this downward movement has been caused by the breakdown of the low range located at 348, after a series of HL, the current candle that is close to close is showing demand signal after touching the important diagonal, this could be an indicator of a possible pullback.
ZIL seen from the temporality of 1W we can see how so far the current candle is confirming a possible change of trend, the previous candle has made an inverted hammer as a strong buying indicator for bulls, we are seeing this reflected so far in the body of the current candle.
ZIL seen from the 3D temporality we can see how the last candles have found support in the horizontal that has become support after the break of the candle on May 19, after the break there has been a correct throwback above the consolidation, thus drawing an upward pattern similar to that generated months ago, I have pointed out in the graph inside a circle, if the sails manage to stay above the support located in the 239 we could have confirmation with the next candle and reach our first objective located in the 383, drawn with the upper horizontal in the image above.
ZIL seen from the time of 1D I have pointed out the ITZ point of 1D where we see how the current candle has found a lot of floating offer, however, is managing to stay above the support, if the bulls manage to maintain this position we could see very soon a strong bullish movement that manages to break the ITZ zone located within the price range of 263 – 269, when we get it we should see ZIL reach higher prices.
ZIL seen from the 12H time frame we can observe more closely the bullish setup mentioned above, we can observe how the bulls are holding the price above the consolidation, we see how the previous candle has marked a long lower wick, signal of strength in the decision of the movement.
ZIL seen from the 4H temporality we can see how the current candle is showing indesition, a sign that traders are not sure where the market is going, this could be due to the larger figure I will explain below, meanwhile, in this chart we can see the SHS setup reversed.
The larger figure shows an SHS setup, however, the confirmation of the volume is not very clear, since in the formation of the last shoulder has not reduced the volume in relation to the right shoulder, this could invalidate the figure.
In conclusion, it is important to pay attention to the support of the 238, the following candles will be decisive, if there is confirmation after a bullish candle we could see a new test of the point ITZ in the 263 – 269, which should have no problems to break and continue to rise, if the support is broken with its subsequent confirmation it is very possible that we have a bearish scenario where the price could fall (according to the theory of an SHS) to the price zone located within the range of 150 – 135, the BTC could also play a determining role in the market, the safe zone of purchase would be after the break of ITZ and pullback that respects the zone.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
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