ZClassic (ZCL) is showing some nice price action on the daily and 4h charts.
Price has been consolidating and retesting horizontal support at 7.5 for the past several days, but has today broken through both horizontal and trendline resistance and is retesting both levels as I write.
Reasons for this trade:
Multiple tests of support at 7.5, followed by...
False break of support (a bullish sign)
Bullish engulfing candle
It looks like the retest on the 4hr is holding up nicely and so we should see upside from here.
We also have some nice fundamentals for this coin. Both the ANON airdrop on 10 September AND ZLC has been added to OKex community coin vote, both of which should give us some extra boost over the coming days.
Of course a minor alt such as ZCL is very much at the mercy of BTC and the overall market so if BTC drops, it will put pressure on our profits, however BTC looks like we have a few bullish days ahead of us, so let's make hay while the sun shines and grab ourselves a nice 20-25% profit.
Take profits around 9.5. It may have more room to move, but let's not take chances while we're still in the bear market. Also be warned that some traders will be maximizing their profits by selling before the airdrop, so expect volatility 2-3 days ahead of the 10th.
Trade safe!
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Here's the view on the daily chart. You can see that we're just about touching the strong long term trendline support which should be pretty solid. Longer = more reliable.
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Hey guys,
This trade is working out really nicely. Still on target, especially if BTC continues to be strong for the next 2 days, we should reach our target.
Trade closed manually
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Unfortunately we didn't reach target on this one. Trade closed.