ZClassic (ZCL) - The Top Is Near - Consolidation then What Next? Support and Buy Zones
The Top Is Near! Don't get caught
Based on 5 waves we see, we count 5 Elliot wave impulse motive waves up and only have this information to currently work with. We have some established buy zones based on the 382 and 0.5 fib levels where we also find support based on price action.
The daily chart shows bearish signs on RSI and MACD with a hanging man candle forming, which signals bulls are losing control.
If this is indeed the top, these are buy zones based on previous price action, activity, and fibonacci retracement targets.
Though bear in mind that there's always the possibility of extended waves which can cause a rally to the 18 - 20 ranges.
Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders
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Please always remember we trade using probability and not all trades are winners. We manage our risk with stop losses and try to win over time. Those that don't understand this, and expect only to having winning trades, will always lose money over time.
The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.
DISCLAIMER:
I'm not a financial adviser, nor am I giving you any tips on when to buy, sell, etc. I'm simply stating my opinions and what I personally look for. Those that follow my trades blindly and don't understand risk management, will always lose over time. I manage risk differently. Not all trades are winners. We manage our risk with stop losses and win over time. Even if we've entered at a similar price, I can micro manage my risk, by shedding, adding, reducing, etc, but those calls aren't made. Therefore despite entering near the same price, I may come out well ahead while you may take a loss, even if we exit at the same price when the market goes against my call. Remember, I always profit OVER TIME, and am not focused on winning every single trade. As long as we win more than we lose over time. I want to be very clear so you understand the outcomes will always be different even if we take the same trade. I MANAGE RISK and see this game as a probability. Therefore, be forewarned.
Informative. Thanx. Kindly share your thoughts about zencash.
Long videos are OK for me, especially since you've make effort to reiterate important principles on TA and snippets of lessons in between, instead of just giving target numbers. I must say I learn more from yours than Haejin's which mostly gave predictions and targets. Your longer videos includes how you correct your counting mistake and such, which is how we all learn too. But I understand you need to produce content that suit different audiences.
Thank you very much, this video is very informative. I was wondering how this would relate with the Bitcoin Private fork soon, it should be announced in 2-3 days I would assume, price of ZCL already mooned since December because of the fork announcement, so I dont know how it would affect the price once the official wallet is out. Thank you :)
Thank you again! . Keep it long please , i dont want to miss anything of these T.A , I'm learning lots and i cant wait to start trading from what i learnt =).