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.
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.
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...
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.
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.
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.
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...