The price fell through the floor..
Literally, it dropped 10x in value in a minute..
If you got some earlier on, don't panic, it'll go back up soon..
If you didn't, then need I suggest the obvious?
That said.. This whole thing has brought an idea to mind.. Since ZCL was the first to go up sharply, and then go down even more so, I'm thinking this behavior might well be repeated by other coins..
The explanation for it is technical, but basically, in a nutshell, this is the second leg of a of considerable size..
Always keep in mind that price movement is , and therefore repeats itself at different timescales..
If one takes this into account, then in theory, everything that happens at a small (short) time scale, should repeat in the same exact manner on larger (longer) time scales, similar to the $1000 drop in 1 minute BTC had on Saturday..
I'm sure many of you will think me crazy, and that's ok..
This is just an idea.. But one that merits a closer look, considering that there is indeed a possibility of it happening elsewhere.. This is the second that I'm aware of, and I'm betting there will be more..
My suggestion is to keep some of your holdings liquid (and hope whatever your choice for this purpose doesn't experience the same thing).
If another coin bites it like ZCL just did, buy at the bottom and ride that bitch back up..
We'll see soon enough if there's any validity to this idea.. If ZCL recovers to previous levels in a similarly rapid fashion, then this gets my vote for how to buy low sell 10x higher..
* I'd bet on BTC for the liquidity purpose, since it's already had its big red candle..
Let me know if you notice similarly huge drops elsewhere and we'll ad this method to the growing number of ways to hack the system..
Or feed our madness..
Whichever comes first..
Which was not the origin of this idea, but did serve to remind me of it and I thought it would be interesting to keep an eye on it, since I expected it to recover pretty quickly..
Then this happened:
So it's not entirely baseless, and I'm willing to at least recognise that there's a chance of ZCL recovering in a similar fashion..
There are more.. Same scenario..
Some people see doom, I see opportunity..
Nothing is impossible in crypto..
Anyone who claims it to be, is a fool..
The primary dev team has left the project to develop bitcoin private and the chances of a zcl return are minimal outside of the community picking it up and announcing a new project on its framework.
It's like trying to do TA on the stock of a company that just announced theyre going bankrupt. You can analyze all you want, but in this case fundamentals win out.