ZCL BTC 30 Minute Chart Analysis

BITTREX:ZCLBTC   Zclassic / Bitcoin
The correction for $ZCL continues, as the price hit a low of 1.14m satoshi today (11% drop in price), although it appears that many "bought the dip," as can be seen by the buying volume spike at the dip. The 200 SMA acted as a support during this drop, and I expect there to be further consolidation pending further news on the $BTCP fork. RSI is around 35, indicating that we are in oversold territory. As of now, the demand on Bittrex is exceeding supply, and we will see how this will continue to play out. If there is positive news on the development of the $BTCP protocol, we will see a large spike in price. Only time will tell!
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