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Cryptocurrency
by Seth Parker on June 21, 2018

Bytecoin Analysis – That is how the gravity works

First piece of the day will be about the Bytecoin. For the last time, we talked about this altcoin on the 8th of June and we were bearish. Back in that time, BCN was among the biggest losers. Situation is the same now, BCN is loosing around 6% today and is one of the worst cryptocurrencies in the stake. Back in that time, we said this:

„The sentiment is definitely negative and one should avoid buying Bytecoin at all costs. In our opinion, the price will decline further and should eventually reach the 0.002 USD support, so the lows from April.
Negative scenario will be denied, when the price will climb back above the 0.007 USD but chances for that are now very low.”

Bytecoin Chart

On the 8th of June, the price was around the 0.0056 USD. Now, Bytecoin is trading on the 0.0038 USD. In two weeks, the BCN lost almost half of the value and we are currently on the lowest levels since the mid of April. Another great call from the ForexNewsNow team.

With today’s downswing, the sentiment remains negative and we are very close to reach the yearly lows. Chances for that are very high.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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