Zclassic found the bottom on the 31st of May, where it hit and rejected the 40k satoshis psychological support. The price jumped up to 400k satoshis area, which was a huge 1000% growth in just one month.
Since the end of April has been declining steadily and went down to 100k satoshis area, where it rejected 88.6% Fibonacci retracement level cleanly. On a lower, ZCL/BTC has formed a double bottom at 100k area after which price went up shaprly.
Zclassic broke above the 50 Moving Average and went up to 242k satoshis level, where it has rejected the 50% Fibonacci retracement level. At this point price could be trapped between 100k support and 240k resistance levels.
Break above or below is required for ZCL to either continue the uptrend or correct even further down. Daily break and close above the resistance might be the signal of the uptrend continuation, while Zclassic should rise towards the 161.8% Fibonacci retracement level, that is 658k satoshis.
On the downside, break and close below the 100k support should push the price down and Zclassic is likely to produce a double bottom at 40k satoshis area.
Source: Read Full Article