Calvin1232008

ZCL Descending Triangle formed

BITTREX:ZCLBTC   Zclassic / Bitcoin
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BITTREX:ZCLBTC            

Based on the 1 Hour Chart, we can see the candlesticks formed a descending triangle which means that there is likely more chance that the price of ZCL             will go down and test the support levels below.
Komen: The candlestick just touched the descending line. Expecting the price to fall.
Komen: Price is on a breakout which means this analysis is now invalid. But keep holding this token as it has a good platform
You gotta be careful where you place your lines, you can't just pick at random, using wicks on top and candles on bottom
Balas
Might want to check the 1 hour MACD. As you can see were moving back into a bullish trend..
Balas
@TimboNZ, yes I just saw it which means that my analysis is invalid. But still I am holding some zcl tokens for the upcoming hard fork.
Balas
So when it stays near the support it is rallying but touching the hypotenuse means further price decrease? "hypothetically"
Balas
@msmit247, Yes that's the thing and price will depend on whether there will be a breakout or breakdown once it reaches the apex of the triangle.
Balas
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