Looking at the set up of this chart tells me quite a few things, and with the fundamentals of the coin, it's something you should be looking to at the end of this month - but you MUST get your entry right.
The coin I'm talking about is ZCL. Here's the 8H chart.
As we can see, it's stuck in a range at the moment, and it's a very unusual sight for me in crypto. There is obvious suppression and manipulation going on, but I'll get into that in a moment. Let's look at the TA on the chart first.
The 2 outer white lines define our price action zone (PAZ).
The top arrow where I've marked "significant" is an obvious sign to me. We've engulfed the PAZ - suggesting price wants to move further up. Or it could be a fakeout indicating that we will just stay within this range. Time will tell.
"But the bottom has also engulfed the PAZ" - true, but we have bounced from an SR line just below. Remember the SR flips I mentioned in my previous article? https://steemit.com/cryptocurrency/@technicalanal/support-and-resistance-technical-analysis
I haven't marked the SR flip on the chart. Can you see it?
Now, onto the manipulation. Why is it being manipulated? How is it so obvious?
If you're unfamiliar with ZCL, they are doing a fork at the end of the month, which will provide 1 Bitcoin Private coin for every 1 ZCL you hold on the date. So, it makes sense that everyone over the past couple of weeks has been trying to accumulate as many ZCL as possible, which you can clearly see in the chart.
My final point - entry.
I'll be looking at the price action leading up to the date, and I fully expect the price to drop below that middle line I've drawn and labelled. Using some of the TA from my previous articles, I'll be looking at the best place to enter and to ride the move back up, which in itself could well be over 50%.
If we then break out of the PAZ, who knows how far it'll go? It should attract plenty of attention over the next couple of weeks. I'm also expecting it to dump hard after the snapshot, so if you're trading it too, be careful. Have a plan. There's plenty of time to come up with one.