As expected, ZCL continues its consolidation period after experiencing a massive bull run the past ~30 days. The price is still testing a major support at around 1.1m satoshi, and if it breaks through this support, it is safe to say that it can drop down to the next major resistance turned support at around 800k satoshi. As of now, the volume on Bittrex has steadily decreased, and there seems to be a massive sell wall at the 1.2m satoshi price mark. If this sell wall is broken (once again, pending further news and development on the #BitcoinPrivate fork), we can expect another massive bull run. RSI is at around 43, which means that it is starting to get into oversold territory.
Good chart, but I disagree with your support idea. It's dropping in value because of BTC and not because of a healthy correction. People are panic selling, so once bitcoin recovers, it will drop so hard for an hour, then shoot up very fast.
cryptod972
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@PattyMcPat, It looks like the support was upheld!
Zebre_Trader
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@cryptod972 Well done ! What do you think about ZCL now ?