The ANON snapshot is scheduled for today at 9 PM EST, as announced by the team. The balances of ANON will be granted to holders of ZClassic (ZCL) and Bitcoin (BTC).
Last time when ZCL was forked to create Bitcoin Private, the coin increased in value from around $8 all the way up to $238 at the highest point. This kind of pump was expected by the ZCL community now as well but as the snapshot is going to happen in less than two hours from now, that isn’t going to happen.
#ANON will be born tomorrow 🤗✔
Snapshot at 9pm EST, September 10th ✔@ZclassicCoin
— ANONymous (@ANON_WeAreANON) September 9, 2018
In today’s analysis, we are going to check the price of ZClassic and its future trends as well as inspect the impact of the announced fork on the price.
Looking at the ZCL/BTC daily chart I have labeled some of the most significant horizontal levels and as you can see the price is currently sitting right in the middle one at 0.000757 Satoshi level.
The price action is currently inside of a descending channel correcting after an exponential increase of late April.
Zooming into that structure on the 4-hour chart I have labeled the impulse wave that is followed by a correction and I believe that the correction will be a WXYXZ 5 wave correction. I have projected the Fibonacci retracement to fit the first X wave on the 0.5 midpoint in order to see where would the Z wave end, and as you can see the 0 Fibonacci level ended on the last horizontal level that can be better seen on the daily chart at 0.00013915 Satoshi.
RSI has formed a triangle that is indicating more aggressiveness by the buyers while price action has formed a triangle which indicates more aggressiveness by the sellers. As the price declined by 68% from the wave X till now I am expecting some short-term reversal potentially caused by the announced fork.
Looking at the ZCL/USD 4-hour chart we can see the strong correlation from which we can conclude that this hard fork hasn’t sparked much interest as either Bitcoin and ZClassic prices haven’t reacted to it. One could argue that the fork isn’t in the focus by looking at this correlation because Bitcoin would appreciate in price if ZCL didn’t if the participants wanted the ANON coin but aren’t holders of the ZCL.
As for this USD chart I have labeled the correlated USD levels and I have projected that the correction ends on the $1.66 level. As for the short-term recovery, it looks like it should start soon. Zooming into the hourly chart I have inspected the current Y wave and it looks like it consists of a minor degree wxyxz correction with more downside before it ends.
As you can see I am expecting the price of ZClassic to interact with the $4 horizontal support level, find some temporary support there which would lead to a short-term recovery, but only to fall drastically again to $1.67.