Cryptocurrency
by Seth Parker on November 29, 2018

Bytecoin Analysis – We were wrong this time…

Two pieces about the cryptos already behind us. Now time for the third one, where currently we also do have a negative outlook – Bytecoin. Surprisingly, we were not bearish all way long. In our previous piece about this crypto, on the 5th of September, we were positive, looking for a further upswing. Check out yourself:

“The buy signal is on as long as we stay above the green support. Bytecoin is currently one of the most promising cryptocurrencies (only in terms of the technical setup on the chart though). „

bytecoin chart

Well, 80% of the time we are right or even 90%. this time we were wrong. Since those words were written, the price was going only down. August, September and the beginning of October passed in a symmetric triangle pattern (black lines). Formation ended on the 9th of October, when the price broke the lower line of the triangle, triggering a strong sell signal. The drop was pretty strong, the coin lost half of its value (not much is left 😉 ). Currently, we do have a small reversal but it is not technically significant. The negative scenario is still on the table.

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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