• The medium-term outlook is in a range-bound market while the short term is in a bearish trend.
• Traders should be patience trading the consolidation.

ZIL/USD Medium-term Trend: Ranging

Supply zone: $0.02500, $0.02600, $0.027000
Demand zone: $0.01600, $0.01500, $0.014000

ZILUSD continues in a range-bound market in the medium-term. The bulls sustained the momentum within the range with a breakout at the upper supply area during yesterday session. Price rose $0.02465 in the supply area but closed with a wick an indication of exhaustion.

With a bearish railroad formation, the bears pushed price down to $0.02072 within the range before the end of yesterday session.
With a doji 4-hour opening candle and bearish spinning top formation, the bears may sustain the momentum down south.

Price is down at $0.02109 below the two 10-EMA and the stochastic oscillator signal points down at 42% suggesting downward momentum within the range.

ZILUSD is in consolidation and trading between $0.023000 in the upper supply area and at $0.018478 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

ZIL/USD short-term Trend: Bearish

The cryptocurrency is in a bearish trend in the short-term outlook. The bulls did push price up to $0.02465 in the supply area as predicted in the last analysis. The momentum was at the as the candles closed with wicks.

ZILUSD dropped to $0.02070 in the demand area before the end of yesterday session with the bulls return with the bullish railroad. Price is back up at $0.02232 in the supply before the end of the session.

Rejection against upward price movement occurred at $0.02250 in the supply area as the market opens today.

The bears may continue the downward journey with price hovering around the two EMA after a drop at $0.02128 in the demand area.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.