ZCL Bull Flag continuation leading to 0.02 ZCL/BTC by 17.1.2018
ZClassic is one of the few coins that I am absolutely bullish on - I considered putting my whole stack in ZCL but of course, that would be terrible portfolio management.
I like to think that smaller cap coins that are relatively unknown like ZCL tend to maintain the same demographics - or at least, buyer behavior is similar - making it an excellent TA case study.
We can see that the first rise on the 29 Dec 2016 consolidated into a bull flag over the course of 8 days before extending toward a new .618 fibonacci extension on 6th Jan 2018.
By drawing longer term trend lines, one can see that a subsequent bull flag is being formed from the 7th and will reach its conclusion by the 17th of Jan - 9 days total - almost the same duration as the bull flag before the current ride up.
Assuming an equal increase in terms of absolute amounts, it should take ZCL to the 0.02 level which extends just beyond the 1 fibonacci target - also equal to the 2.618 fibonacci target of the previous pattern. Combining 2 fibonacci extension patterns to create a technical projection is a little novel but hey, that's TA - we look at patterns in the charts. The reason I started a new fibonacci chart from 0 on the 6 Jan was because i wanted to see the smaller fibonacci targets which has proven useful as ZCL failed to meet sustain its rise past the 0.618 target - clearly a strong resistance.
Nonetheless, I strongly recommend all investors to hold onto their ZCL for the next 5 days or so. Any news regarding fork date / supported exchanges / review could act as a catalyst to propel ZCL to the next extension. An increase from current levels is a sure thing - Bitcoin Private may prove to be the most valuable fork yet - it's simply a matter of time.
I like to think that smaller cap coins that are relatively unknown like ZCL tend to maintain the same demographics - or at least, buyer behavior is similar - making it an excellent TA case study.
We can see that the first rise on the 29 Dec 2016 consolidated into a bull flag over the course of 8 days before extending toward a new .618 fibonacci extension on 6th Jan 2018.
By drawing longer term trend lines, one can see that a subsequent bull flag is being formed from the 7th and will reach its conclusion by the 17th of Jan - 9 days total - almost the same duration as the bull flag before the current ride up.
Assuming an equal increase in terms of absolute amounts, it should take ZCL to the 0.02 level which extends just beyond the 1 fibonacci target - also equal to the 2.618 fibonacci target of the previous pattern. Combining 2 fibonacci extension patterns to create a technical projection is a little novel but hey, that's TA - we look at patterns in the charts. The reason I started a new fibonacci chart from 0 on the 6 Jan was because i wanted to see the smaller fibonacci targets which has proven useful as ZCL failed to meet sustain its rise past the 0.618 target - clearly a strong resistance.
Nonetheless, I strongly recommend all investors to hold onto their ZCL for the next 5 days or so. Any news regarding fork date / supported exchanges / review could act as a catalyst to propel ZCL to the next extension. An increase from current levels is a sure thing - Bitcoin Private may prove to be the most valuable fork yet - it's simply a matter of time.
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