TECHNICAL ANALYSIS:
- BYTECOIN BCN/USD calculated by trading view analysis
- Currently trading at .002455 cents BCN has a lot of potential
- After a double top and failure to break 1.9cents, BCN has formed a cup and handle pattern
- BCN is currently consolidating without much more room to go down
- With very low trading volume it is not set up for a good day or swing trade in my opinion
- With its last 2 runs at 2cents failing, I expect the next run up to break the 2 cent barrier and push 3cents
- Targeting just past the 1.618 fib extension level is 3.2cents
- This is a 1300% + potential increase
- Large volume spikes seem to happen abruptly and only for 1 or 2 days
- This would be a solid place to buy and hold for the next market run up
- Since Bytecoin is only paired to Bitcoin and Ethereum on most exchanges, don't expect this to run up to happen until Bitcoin has finished its next wave up and the market is ready to get back into some of these lower cap alt coins
- I expect continued consolidation sideways, until Bitcoin is in the 9k-10k ranges, and BTC dominance starts to come down
- The chart below shows a potential pathway for the next spike
INVESTOR NOTES:
To be clear, these notes are from the perspective of a day/swing trader. The notes above are not applicable to long term investors. Corrective price action and intermediate spikes in this market are of little or no consequence to anyone holding for long term for larger percentage gains.
- If you are an investor for the long term, all of these prices are great buy zones
- Buying at $7700, $8200, or even $9000 is of little or no consequence when you believe the price of Bitcoin will one day be $50,000 and beyond
- Good investors will accumulate over time, constantly cost averaging their positions, with confidence that current market prices do not represent the true value of the asset in the long long term (anywhere from 6months - 4 years)
- Bitcoin and Cryptocurrencies are still in its infancy as an asset, with only a few hundred billion in its total market cap - as compared to the trillions in the majority of all other asset classes
- Patience is key
- I am a long term BULL
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- LITECOIN: MNwqCX6HoU6MeU9SRwNakT3iHEkfrig2YB
- BITCOIN: 3MwvZ6Q7R7dtSR8P1o5bb3oz4hegwtSuiR
- BINANCE: 0xcaf1e0cd3de21a7d27497a95f8196f74a073ad76
- ETHEREUM: 0x4c8d59799E6EF1faE64Bc40D1668B77DD8d5e9Ed
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LEGAL DISCLAIMER:
I am not a financial advisor, nor is this post intended to be financial advise. I encourage you to do your own research before investing, or trading, any coin, token, stock, or security. This blog is intended for me to document my own personal analysis, charts, thoughts, opinions, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I utilize to trade and invest, see my previous post - LINK.