Rusuran

ZCL Short-Mid Term

BITTREX:ZCLBTC   None
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ZCL has been doing nothing but falling after the fork, giving the feels of it being manipulated, somehow. It will probably break the 0.00053 support line soon, despite the descending triangle bullish pattern formed by upper green and lower blue lines, moving down to the 0.0004 support. I doubt it will break this one, it seems stronger. Closing in to the end of another triangle (green top, red bottom) ZCL can go three ways:
1) Break the upper green line, thus breaking through the downtrend formed by two green lines (though a strong confirmation will be needed for the downtrend to be over). It might challenge the upper red line if that happens.
2) Continue to go sideways hovering above the red resistance. In that case the big red triangle comes in play, and ZCL is very likely to pump again, when it nears its end. It can be a long wait though.
3) Break the lower red support. If this happens, in my opinion, things will go very bad. It can even go to 0.0001-0.0002 levels, and what happens after that is a mystery to me - it can make a V-shaped low and come back to 0.0004 resistance (luckily breaking it), or it can float above this new support line for who knows how much time.
RSI is very close to being oversold, which is nice.

Fundamentals are another question. We are yet to see the results of a new team taking over the project and hopefully they will share some more news about ZCL . Otherwise, it will be quite a rough ride for it to prosper.

Not a financial advice.
Sep 21
Comment: As expected, ZCL broke the 0.00053 support and should go to the 0.0004 level sooner or later. Seeing it fall so slowly is kind of anticlimactic to be honest...
Sep 23
Comment: A surprise, to be sure, but a welcome one. We do have to close above the upper green line for it to be of any value though.
Sep 24
Comment: Moving veeery nicely so far! On 4H chart it slammed through the green resistance quite confidently. As long as it stays above it, everything seems great. Next resistance lines to overcome are probably 0.0008 and 0.001. There might be a bit of side movement or a small correction as it is oversold both on 1H and 4H charts, but giving the nature of this coin, it can pump continuously with 1-2 hour stops in between big movements.
Sep 25
Comment: We should stay above the green line, otherwise things might get a bit messy. If we do fall, it is a must to maintain above the blue support, or this uptrend may come to end.
Sep 25
Comment: If BTC continues to struggle to go upwards, ZCl will go lower. There's also that bearish MACD cross on 4H chart. All this doesn't look good...
thanks for the update :)
+1 Reply
Rusuran bosamfo
@bosamfo, You're welcome! :)
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Thanks bro for the share... please whats the target? or hodl for longer term?
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Rusuran bosamfo
@bosamfo, If it continues to go up, I think it would be good to hold until it reaches the red line (0.00125-0.0014 levels) and sell some coins there; then there are 0.0018, 0.0022, 0.003, 0.004 and higher targets, where I would probably want to take profit. If it bounces back down from the red line and go to 0.0004-0.0005 levels again, then it would still be in a large red descending triangle, which is bullish, so holding ZCL till mid-November waiting for it to pump would be a good choice if that happens, I think.
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Rusuran Rusuran
Correction: descending triangle is bearish. I still think that if ZCL is to go inside this triangle, it will still be able to break the upper line as there is not a lot of selling pressure at those prices.
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bosamfo Rusuran
@Rusuran, sorry bro i was offline. Thanks bro for the share and advice. I really appreciate it :D Thank you once again
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Rusuran bosamfo
@bosamfo, No problem, thank you as well!
+1 Reply
bosamfo Rusuran
lol
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