ZCLBTC is setting up for another wave
Updated
ZCLBTC has had 2 bull runs and is setting up for its next wave. We have to account for 2 possibilities:
1. ZCL breaks out between 1-5 hours from now.
2. ZCL continues to correct to the trending support and makes a decision to either drop to lower support levels or it bounces and starts the next bullrun.
The reason I see a possibility for a breakout in the next few hours is that the TD count will reach a TD9 on the next candle, indicating a possible buy setup for people using this indicator. We should be looking at the lower time frames (30 minute charts) for price action candles that confirm a move up. We also have the RSI retesting the median line.
If we don't see a breakout, we can expect the TD count to reach a perfected buy setup (TD13) right at the support line, giving us an extra boost.
After a breakout we should watch the confluence lines (blue dotted lines) for any resistance. The breakout might pause or fail here.
Another thing that happens often is a retest of the broken resistance. So keep your eyes peeled on those.
1. ZCL breaks out between 1-5 hours from now.
2. ZCL continues to correct to the trending support and makes a decision to either drop to lower support levels or it bounces and starts the next bullrun.
The reason I see a possibility for a breakout in the next few hours is that the TD count will reach a TD9 on the next candle, indicating a possible buy setup for people using this indicator. We should be looking at the lower time frames (30 minute charts) for price action candles that confirm a move up. We also have the RSI retesting the median line.
If we don't see a breakout, we can expect the TD count to reach a perfected buy setup (TD13) right at the support line, giving us an extra boost.
After a breakout we should watch the confluence lines (blue dotted lines) for any resistance. The breakout might pause or fail here.
Another thing that happens often is a retest of the broken resistance. So keep your eyes peeled on those.
Note
Looks like ZCL is attempting a breakout. I didn't get a chance to buy the local low, so I'll have to wait and see what happens next. Sadly the action will be happening when I'm asleep :(Note
I had some time to redraw this and pick a target. Had to keep it pretty wide, because BTC is acting up and this coin has seen a massice increase already. Note
We have a breakout :D
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