The Bytecoin/Bitcoin set (BCN/BTC) began its uptrend on May 16, 2017 when it got resistance of 0.0000004 The rate action marked completion of the long base structure procedure that started in May2016 As an outcome, the set brought in a lot momentum that it rapidly ended up being parabolic. On May 21, 2017 it increased to 0.0000028 The set grew by a massive 600% in less than a week.
At this rate level, the parabolic run burst due to severe overbought readings. Those who followed the pattern started to take revenues. The set dropped to the 38.2% Fibonacci level on May27 After seeing that the marketplace appreciated the assistance, bottom fishers got in the purchasing scene and sparked a rally to 0.00000183 on June 4.
The lower high is lined up with the 61.8% Fibonacci level. The marketplace’s failure to breach this company resistance triggered a selling craze. BCN/BTC published a series of lower highs and lower lows till it bottomed out at 0.00000015 on November 3. After a month of combination, the set returned to life. It even handled to start another bull run.
Technical analysis expose that Bytecoin/Bitcoin introduced its uptrend on May 08, 2018 when it breached resistance of 0.000001 This set off the big cup and manage turnaround pattern on the day-to-day chart, which raised BCN/BTC approximately 0.00000204 Fortunately is the marketplace is drawing back. This is your possibility to purchase near the breakout point.
The technique is to purchase as near to 0.000001 as possible. As long as bulls protect this level, they have all the momentum they have to reach our target of 0.0000018
The procedure might take less than a month.
Daily Chart of Bytecoin/Bitcoin on Poloniex
Since this writing, the Bytecoin/Bitcoin set is trading at 0.00000117 on Poloniex
Summary of Method
Purchase: On dips as near to 0.000001 as possible.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds financial investment positions in the coins, however does not take part in short-term or day-trading.
Included image thanks to Shutterstock.