ZCL/BTC - WHALES BACKING DOWN FOR A WHILE
ZCL has been doing well for those of us who have been in it the past couple of days. The bulls are starting to look exhausted now after the run, and this clearly comes to our attention in this chart.
I see five different bearish indicators
1. The famous wedge, likely to break down
2. Leaning a LOT on the trendline in between spikes
3. Volume is decreasing for each run
4. 2 x bearish divergence
5. Elliott Wave - 5th wave completed (?). Correction due.
ZCL - Exhaustion
Everything indicates correction BUT - this coin has been subject to a lot of rumours lately such as an upcoming fork, new dev-team, linked with LTC etc. I've been watching the orderbooks lately as well and there has been some big guys playing around with this coin. This might screw over everybody TA-wise and pump once more, but if we're just sticking to the facts, getting out will be the right decision because we see no indications that this one is going further for now.
I am not re-entering at the target for now but in case you're bullish on ZCL it's there as an opportunity - it's clear to me that this is not only rumours but also whales whipping their tails.
I see five different bearish indicators
1. The famous wedge, likely to break down
2. Leaning a LOT on the trendline in between spikes
3. Volume is decreasing for each run
4. 2 x bearish divergence
5. Elliott Wave - 5th wave completed (?). Correction due.
ZCL - Exhaustion
Everything indicates correction BUT - this coin has been subject to a lot of rumours lately such as an upcoming fork, new dev-team, linked with LTC etc. I've been watching the orderbooks lately as well and there has been some big guys playing around with this coin. This might screw over everybody TA-wise and pump once more, but if we're just sticking to the facts, getting out will be the right decision because we see no indications that this one is going further for now.
I am not re-entering at the target for now but in case you're bullish on ZCL it's there as an opportunity - it's clear to me that this is not only rumours but also whales whipping their tails.
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