$ZCL Entry

Last night during the market-wide dip, I scooped up some ZCL. I had been holding this since .007 BTC, but thought this was a great time to add more. Here’s the chart: zcl4hr.png

As you can see, the 4 hour RSI has been floored for days. We’ve just been on a slow bleed. This has some to do with the huge spike it experienced over the past couple weeks and needing to cool down from that and also the market dip that occurred over the past couple days. ZCL has an upcoming snapshot for the BTCP (Bitcoin Private) fork.  BTCP is touted as Bitcoin, but with privacy features. Since I am very bullish on privacy coins (as is everybody in the space), this seems like a great opportunity for holding both ZCL and BTCP. I also anticipate at least one exchange announcing support for this snapshot and crediting account holders with an equal amount of BTCP as ZCL that is held in the wallet. The prior Bitcoin forks are clearly a joke and don’t have much utility, but this one could actually get some traction. If BTCP reaches even the mild success of Bitcoin Gold, this could be a very lucrative trade. Not only do I want the BTCP, I am also buying this for the ZCL price increase. As the fork gets near, the price of ZCL is bound to go up. Unfortunately, it will likely dump heavily whenever the snapshot happens as other coins have done in the past (NXT). So, I will also dump ZCL after the snapshot at (hopefully) a massive profit and then wait to be credited with my BTCP. Here’s a 1 day chart:

zcl1d.png

The 1 day RSI is at the bottom and we are on possible support. I love this coin and its price outlook for the next couple weeks. I will update as the market moves but for now I am buying this on support.