A Bitcoin Chart where I talk About ZCL Dump. And King Kong.
All I added to this chart today was a grey trend line that you can see following in the same direction as the X wave. Just to show a tid bit more support for poor old BTC.
After yesterdays short fall on the 4 hour it was an additional sign of WEAKNESS on btc to not be able to cross the yellow trend line. Folks, we have a LOT of heavy resistance on btc as of yet. The bulls are hungry. Many of the fish are bullish and will not let go so the Y wave I have drawn may not go as low as 5k, however I feel very strongly that we will have a Y wave to really shake out any of the remaining weak hands.
For the short sellers out there shorting at the top of X could be an excellent play. I think the safests bet for all is waiting for the second bottom to play out along side a plethora of BTC is DEAD news and media bashing. My time is limited to only a few hours per day of watching the charts - So my plays will be based on day/swing trades that last between 3 days up to 6 weeks. No trades as of yet though...Im currently on the sidelines waiting and watching this lovely BTC beast make its moves.
Once this King Kong of cryptos finally gets back off its but like King Kong did 46 times in the move "Kong, Skull Island" I'll be directly buying a "kong Load" of shiney bitcoin that I will directly convert into some well known alt coins as I do believe the alts will out pace bitcoin for a good duration of the year. After the alts run out of steam, Ill jump back into BTC and ride that wave til/through the end of the year and cash out of this run. (not completely cash out, but, well, you know what I mean). After meeting with my accountant on it all Ill have another pot of worthless USDT to play with and hopefully do well with trades all over again.
Thats the long term plan.
Not many people can think, or wait, or find patience to do anything long term. Im new at this and by no means the best...But it is the way.
Back to altcoins. Specifically ZCLASSIC. WTF happened?
Ill tell you what happened.
A bunch of folks bought into the fud and fomo on ZCL going to the moon because of this, that or the other. ZCL had a great looking chart, had held good value against BTC over the last few months and was "going to MOON" any second. It is unfortunate that people probably re-mortgaged their home to go "all in" on zcl. Only to find that as of yesterday....That money was reduced to pennies. Dont buy on fud. Dont buy on news. As a matter of fact, do exactly the opposite of what the news says. I am not the news, remember that...so dont take what I say as gospel and follow my plan or words as the holy grail. I have been wrong and surly will be wrong in many things in my life moving forward.
This is where I tie BTC and the ZCL dump together. BTC is stil King....It may...(MAY) lose that top "king" spot this year - but what matters is that when BTC is down...the entire Jungle is down and at risk. (get that tie in with the movie Kong????))))
So while King kong is over on one side of the island making a comeback killing off crazy snake lord, fire breathing worm/dragon/demon things.....Means that King kong is busy fighting for his life while his life is in need of some serious volume, new money and hype to pump past 16k again to the "good old days."
ZCL was simply a "rogue" soldier attempting to take out one of those beastly creatures. And without kongs direct support and 100% bullish nature....That rogue ZCL got hurt real bad. Well...not zcl per say...but those who invested in it did. I looked at ZCL a few times over the last few weeks when I saw news about it....The thing that scared me the most is that It had not retraced nearly AT ALL during this BTC correction...Major red flag imo.
You mean to tell me that ZCL has some magic potion making it immune to the fall...i mean correction, of the almighty king BTC???? I don't buy that for a minute.
This one was a bit of a ramble.
After yesterdays short fall on the 4 hour it was an additional sign of WEAKNESS on btc to not be able to cross the yellow trend line. Folks, we have a LOT of heavy resistance on btc as of yet. The bulls are hungry. Many of the fish are bullish and will not let go so the Y wave I have drawn may not go as low as 5k, however I feel very strongly that we will have a Y wave to really shake out any of the remaining weak hands.
For the short sellers out there shorting at the top of X could be an excellent play. I think the safests bet for all is waiting for the second bottom to play out along side a plethora of BTC is DEAD news and media bashing. My time is limited to only a few hours per day of watching the charts - So my plays will be based on day/swing trades that last between 3 days up to 6 weeks. No trades as of yet though...Im currently on the sidelines waiting and watching this lovely BTC beast make its moves.
Once this King Kong of cryptos finally gets back off its but like King Kong did 46 times in the move "Kong, Skull Island" I'll be directly buying a "kong Load" of shiney bitcoin that I will directly convert into some well known alt coins as I do believe the alts will out pace bitcoin for a good duration of the year. After the alts run out of steam, Ill jump back into BTC and ride that wave til/through the end of the year and cash out of this run. (not completely cash out, but, well, you know what I mean). After meeting with my accountant on it all Ill have another pot of worthless USDT to play with and hopefully do well with trades all over again.
Thats the long term plan.
Not many people can think, or wait, or find patience to do anything long term. Im new at this and by no means the best...But it is the way.
Back to altcoins. Specifically ZCLASSIC. WTF happened?
Ill tell you what happened.
A bunch of folks bought into the fud and fomo on ZCL going to the moon because of this, that or the other. ZCL had a great looking chart, had held good value against BTC over the last few months and was "going to MOON" any second. It is unfortunate that people probably re-mortgaged their home to go "all in" on zcl. Only to find that as of yesterday....That money was reduced to pennies. Dont buy on fud. Dont buy on news. As a matter of fact, do exactly the opposite of what the news says. I am not the news, remember that...so dont take what I say as gospel and follow my plan or words as the holy grail. I have been wrong and surly will be wrong in many things in my life moving forward.
This is where I tie BTC and the ZCL dump together. BTC is stil King....It may...(MAY) lose that top "king" spot this year - but what matters is that when BTC is down...the entire Jungle is down and at risk. (get that tie in with the movie Kong????))))
So while King kong is over on one side of the island making a comeback killing off crazy snake lord, fire breathing worm/dragon/demon things.....Means that King kong is busy fighting for his life while his life is in need of some serious volume, new money and hype to pump past 16k again to the "good old days."
ZCL was simply a "rogue" soldier attempting to take out one of those beastly creatures. And without kongs direct support and 100% bullish nature....That rogue ZCL got hurt real bad. Well...not zcl per say...but those who invested in it did. I looked at ZCL a few times over the last few weeks when I saw news about it....The thing that scared me the most is that It had not retraced nearly AT ALL during this BTC correction...Major red flag imo.
You mean to tell me that ZCL has some magic potion making it immune to the fall...i mean correction, of the almighty king BTC???? I don't buy that for a minute.
This one was a bit of a ramble.
Lets watch, learn, and wait for BTC to go bullish before we make any rash decisions. Maybe...just maybe...take a trade if you feel so heroic.
Good luck my friends. Thanks for reading. Trade as if king kong is dead.