This technical analysis used Elliott - Fibonacci, triangle pattern, RSI, MACD to predict the upcoming price action of ZCLBTC on 1 hour, 45 min and 30 min timeframe.
In the past three weeks, the market has gained approx 700% from around 0.00056 to 0.0043. There are obvious signs of weaking in upward price momentum indicated by the upper trendline that ZCL has not been able to break. The lower and upper trendline are now forming a descending triangle pattern and ZCL is heading toward the breakdown point. The descending triangle indicates a constant resistance to break out of the bull and negative pressure on price action. This would lead to a significant price fall over the next few days. MACD analysis also indicates the same direction. The weakening in MACD line over the last few days and MACD line is now moving below the signal line and the central line.
Where is the bottom of this potential correction? The previous correction in early April, the market fell mid level between 0.618 abd 0.786 Fib level. This could be considered as a price base for the upcoming correction. The ideal range for long would be between 0.0018 - 0.0012. This is a great time for stacking up ZCL.
There are other market forces need to be taken into account such as Price action on BTC at the moment. BTC came to the bull party a little bit later than other Altcoins. After two weeks of price gains in other altcoins, now BTC starts to show some positive price action. If BTC price action can hold strong on the upward trendline, then this will fasten up the down fall on ZCL as BTC value will appreciate against ZCL.
There is little evidence for a bounce back on ZCL soon except market manipulators pump and dump the market. Then technical analysis won't be much accurate. But for now, I am confident to say that the market is heading toward a decent correction. Laddering from 0.0019 to 0.0012 and set a wide stop loss could bring back approx 270% return with risk to reward ratio is 9.21
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
In the past three weeks, the market has gained approx 700% from around 0.00056 to 0.0043. There are obvious signs of weaking in upward price momentum indicated by the upper trendline that ZCL has not been able to break. The lower and upper trendline are now forming a descending triangle pattern and ZCL is heading toward the breakdown point. The descending triangle indicates a constant resistance to break out of the bull and negative pressure on price action. This would lead to a significant price fall over the next few days. MACD analysis also indicates the same direction. The weakening in MACD line over the last few days and MACD line is now moving below the signal line and the central line.
Where is the bottom of this potential correction? The previous correction in early April, the market fell mid level between 0.618 abd 0.786 Fib level. This could be considered as a price base for the upcoming correction. The ideal range for long would be between 0.0018 - 0.0012. This is a great time for stacking up ZCL.
There are other market forces need to be taken into account such as Price action on BTC at the moment. BTC came to the bull party a little bit later than other Altcoins. After two weeks of price gains in other altcoins, now BTC starts to show some positive price action. If BTC price action can hold strong on the upward trendline, then this will fasten up the down fall on ZCL as BTC value will appreciate against ZCL.
There is little evidence for a bounce back on ZCL soon except market manipulators pump and dump the market. Then technical analysis won't be much accurate. But for now, I am confident to say that the market is heading toward a decent correction. Laddering from 0.0019 to 0.0012 and set a wide stop loss could bring back approx 270% return with risk to reward ratio is 9.21
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
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80% of total positions have reached target
