I think Zcoin has a lot going for it, it has a strong privacy-based protocol and based on the price alone, I’d say it’s had a great couple of years and we’ve been establishing strong price floors on the way up so any downward momentum will be short-lived.
Like I said in the video, I’ll be adding more details to this analysis in the future, as this is an asset I’m particularly interested in going forward.
All the best, stay safe out there. This market is full of bears and sharks!
Details on Zcoin: https://coinmarketcap.com/currencies/zco...
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Rising wedge and 200 MA acting as resistance, 50 MA as support 4H. Bearish divergence on 4H. Break of Ichimoku cloud bullish but cloud has flipped bearish previously. I'm a bit bearish for now.
XZCBTC has certainly been in a downtrend for some time. It does not yet look like it's ready to change that downtrend, though recently we've formed a smaller time scale descending wedge pattern.
However if drawn in a similar way using the real bodies of the candles on the 4H timeframe, it appears that we've broken a long-term support line without much of a bounce. I would not be fighting this downtrend at the moment.
Happy to receive an up-date, as I am considering to sell now (with a big loss already), to rebuy at a later stage. Thanks a lot, Dagmar