This is more about just writing out some thoughts than technical analysis. This is about the Z Classic Fork /Migration
In a new twist to bitcoin forks, Z Classic will do something new called Bitcoin Private (BTCP). This is how it will work:
More details here: www.reddit.com/r/ZCl...7mg5je/zcl_btcp_faq/
There is no premine or other garbage scheme. It's very much community driven. The interesting thing about this coin is that they are essentially adding Z cash zk-snarks shielding technology to bitcoin and improving the distribution. At the same time, they are rebranding to Bitcoin Private, which is very clever.
Most bitcoin forks have gained value. Even the crappy ones. I know I know.. Not another fork. But this fork has tremendous potential and ultimately I see it more likely that it has a higher market cap then Bitcoin Gold.
Bitcoin Golds market cap is $4 billion. It was a premine that really didn't have much support at the time and didn't offer anything that special. So far just from gauging the community, it seems like there is a lot of support for this coin.
So in 2-3 months I could see BTCP having at least a 3 billion market cap. That would put the coin at $160. A $6 billion cap wouldn't be out of the question. So $300+ which would 10x from todays $30 price. I just do not see this staying this low for long.
As far as technical analysis goes, what we see is that ZCL makes a move up, then consolidates then shoots up. As long as it keeps doing that, I'll keep buying. At some point it will shoot off then people will take profits, but doesn't seem like there is much selling, which signals that people expect it to go much higher.
To my knowledge, Bittrex hasn't announced support for it, but they are the major exchange the carries ZCL if they announce fork support, ZCL will likely take off. So even though its up big from just a few days ago, I think it will continue climbing as more people learn about it. If it corrects, I will add to my position.
Anyway, like any crypto, there is big risk but I think the reward is high enough to take a shot at it despite its increased valuation the past few days. Wish I was paying attention earlier.
In a new twist to bitcoin forks, Z Classic will do something new called Bitcoin Private (BTCP). This is how it will work:
- Z Classic will fork so that if you own 1 ZCL you will get 1 BTCP
- They will fork for Bitcoin users too. So if you own 1 BTC you will get 1 BTCP
- The total coin supply with then be around 18.5 million
- The fork will take place sometime at the end of January
More details here: www.reddit.com/r/ZCl...7mg5je/zcl_btcp_faq/
There is no premine or other garbage scheme. It's very much community driven. The interesting thing about this coin is that they are essentially adding Z cash zk-snarks shielding technology to bitcoin and improving the distribution. At the same time, they are rebranding to Bitcoin Private, which is very clever.
Most bitcoin forks have gained value. Even the crappy ones. I know I know.. Not another fork. But this fork has tremendous potential and ultimately I see it more likely that it has a higher market cap then Bitcoin Gold.
Bitcoin Golds market cap is $4 billion. It was a premine that really didn't have much support at the time and didn't offer anything that special. So far just from gauging the community, it seems like there is a lot of support for this coin.
So in 2-3 months I could see BTCP having at least a 3 billion market cap. That would put the coin at $160. A $6 billion cap wouldn't be out of the question. So $300+ which would 10x from todays $30 price. I just do not see this staying this low for long.
As far as technical analysis goes, what we see is that ZCL makes a move up, then consolidates then shoots up. As long as it keeps doing that, I'll keep buying. At some point it will shoot off then people will take profits, but doesn't seem like there is much selling, which signals that people expect it to go much higher.
To my knowledge, Bittrex hasn't announced support for it, but they are the major exchange the carries ZCL if they announce fork support, ZCL will likely take off. So even though its up big from just a few days ago, I think it will continue climbing as more people learn about it. If it corrects, I will add to my position.
Anyway, like any crypto, there is big risk but I think the reward is high enough to take a shot at it despite its increased valuation the past few days. Wish I was paying attention earlier.
Comment:
I sure hope someone else decided to take a look at this and bought the no brainer of holidays. 300% since I posted it. I still think it will go higher.
Comment:
If you entered at consolidation you are up 500%. But we broke the long secondary consolidation so there is a good chance ZCL will continue to work its way up. The hard fork has not been announced on Bittrex left and that should cause some FOMO buyers. The closer it gets to the fork, the more it will rise, so I will be holding for a few more weeks. I will probably sell some of my position before the fork but also will keep some of it for the long term.
Comment:
BTCP developers want to do more testing. They will announce a date in coming weeks but it will be 4 weeks before the fork. So expect fork in late February or early March. Price could go sideways for awhile or lower if bitcoin goes down
Comment:
Tough to buy alts when BTC is in a downtrend but patience pays off. There is still 2 weeks before the fork. This last move was huge so it could pull back here, but I still see more upside. I will scale out between 2-21 and 2-25 and might keep a small portion in case it just keeps going up.
Tough to buy alts when BTC is in a downtrend but patience pays off. There is still 2 weeks before the fork. This last move was huge so it could pull back here, but I still see more upside. I will scale out between 2-21 and 2-25 and might keep a small portion in case it just keeps going up.
Comment:
7 Days left before the fork. This last big move retraced to 61.8% of the move and tested the bear flag breakout. As you can see it formed a pin bar, so I consider this a decent late entry for a very short term trade, but please do your own research. This is not trading advice, but just an observation.
I believe in the next 3-5 days we'll see one more move up. However, if bitcoin goes down, then who knows what alts will do.
We are also still officially waiting for bittrex to announce that they will support the fork. They did this 8 days before the NXT fork and only 2 days before the BTG fork, hoping it happens soon. This has a good chance of causing another big impulsive move up IF they announce it. I would be really surprised if they didn't.
If not, then you can go to zclassic.org and download their wallet if you want to hold for the fork to get your BTCP.
7 Days left before the fork. This last big move retraced to 61.8% of the move and tested the bear flag breakout. As you can see it formed a pin bar, so I consider this a decent late entry for a very short term trade, but please do your own research. This is not trading advice, but just an observation.
I believe in the next 3-5 days we'll see one more move up. However, if bitcoin goes down, then who knows what alts will do.
We are also still officially waiting for bittrex to announce that they will support the fork. They did this 8 days before the NXT fork and only 2 days before the BTG fork, hoping it happens soon. This has a good chance of causing another big impulsive move up IF they announce it. I would be really surprised if they didn't.
If not, then you can go to zclassic.org and download their wallet if you want to hold for the fork to get your BTCP.
Comment:
Just 2 days left and ZCL has been heading lower. Some of this has to do with Bittrex not announcing they are supporting the fork. I think we are about to get some serious volatility and with low supply this can move up or down big time. You can see how whales will get selling started and then buy it up very quickly.
So, I will continue to be patient. Here is my plan.
1. If Bittrex supports the fork and price goes up, I'll probably sell some or part of it within 12-24 hours.
2. If they don't support the fork and price goes down, then I will just move it to a wallet and be patient.
3. If they support the fork and price goes down like a sell the news then I will just hold it in bittrex.
I was expecting they would announce sooner and we'd get one more big run up, but I'm confident that at some point in the next 4-6 weeks that BTCP will be a much higher price so I will not sell at these levels. DYOR though.
So, I will continue to be patient. Here is my plan.
1. If Bittrex supports the fork and price goes up, I'll probably sell some or part of it within 12-24 hours.
2. If they don't support the fork and price goes down, then I will just move it to a wallet and be patient.
3. If they support the fork and price goes down like a sell the news then I will just hold it in bittrex.
I was expecting they would announce sooner and we'd get one more big run up, but I'm confident that at some point in the next 4-6 weeks that BTCP will be a much higher price so I will not sell at these levels. DYOR though.
Comment:
At this point bittrex doesn't appear to be supporting the fork. I still had some coins and added at these low prices and will move coins to my wallet for the fork. Do not leave coins on Bittrex unless they announce very quickly. Need to get coins to a wallet to get the BTCP.
It's my belief that BTCP will end up with a market cap between BTG and BCH. And without exchange support, a large amount of potential supply will never be claimed. So that will make it easier for price to rise. I will hold for higher prices. But it's much like an ICO, where it could take 6 weeks before it gets listed on a lot of exchanges. Prices could still drop as BTC holders just sell their forked coins, so I will be patient on this one.
IN a few days after the snapshot, pryou will be able to download the BTCP wallet and import your private keys to that wallet and it will give you your BTCP. The ZCL will become an abandoned chain so I suspect ZCL's price to be under $5 in a few days, so I won't even bother trying to sell it. I will just hold to see if someone picks it up or more likely it gets used for another fork at some point.
It's my belief that BTCP will end up with a market cap between BTG and BCH. And without exchange support, a large amount of potential supply will never be claimed. So that will make it easier for price to rise. I will hold for higher prices. But it's much like an ICO, where it could take 6 weeks before it gets listed on a lot of exchanges. Prices could still drop as BTC holders just sell their forked coins, so I will be patient on this one.
IN a few days after the snapshot, pryou will be able to download the BTCP wallet and import your private keys to that wallet and it will give you your BTCP. The ZCL will become an abandoned chain so I suspect ZCL's price to be under $5 in a few days, so I won't even bother trying to sell it. I will just hold to see if someone picks it up or more likely it gets used for another fork at some point.
Comment:
Happy Snapshot Day!
At the last moment, Bittrex had wallet issues with ZCL so they will credit ZCL holders with BTCP. But they will not be listing BTCP for trading. You'll have to use Kucoin and a few other smaller exchanges. They have applied to Binance as well.
I moved all my ZCL to my wallet as I think it will be a delay before bittrex folks get their BTCP. I may choose to sell some BTCP if it spikes in the first few days. If not I will actually look to buy some and hold the rest.
ZCL will plummet after the snapshot, which will take place around 5pm UTC time or 12 EST. You have to wait for the block to complete and I usually wait another block. But ZCL will be practically worthless so I expect it to drop to under $5 very quickly. So if I can't get my ZCL to an exchange before price falls below $5, I may just hold onto it and wait to see if it gets used in the future for another hard fork. Any developer can also pick it up and start working on it and I see that being likely since there would be good money in it for the right individuals.
At the last moment, Bittrex had wallet issues with ZCL so they will credit ZCL holders with BTCP. But they will not be listing BTCP for trading. You'll have to use Kucoin and a few other smaller exchanges. They have applied to Binance as well.
I moved all my ZCL to my wallet as I think it will be a delay before bittrex folks get their BTCP. I may choose to sell some BTCP if it spikes in the first few days. If not I will actually look to buy some and hold the rest.
ZCL will plummet after the snapshot, which will take place around 5pm UTC time or 12 EST. You have to wait for the block to complete and I usually wait another block. But ZCL will be practically worthless so I expect it to drop to under $5 very quickly. So if I can't get my ZCL to an exchange before price falls below $5, I may just hold onto it and wait to see if it gets used in the future for another hard fork. Any developer can also pick it up and start working on it and I see that being likely since there would be good money in it for the right individuals.