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by Seth Parker on May 15th, 2018

Bytecoin (BCN) Analysis – 14% loss in one day

Zcash from our previous analysis is doing great but there are some cryptos today that are taking heavy losses. One of them is the Bytecoin. As for now, the price is down almost 15%! You have to admit that this one can hurt. The thing is, that buyers may not be concerned as much as we think…

Yes, Bytecoin is taking a beating now but we need to see a big picture here. Even 14% loss is nothing compared to the gains that we experienced recently. Since the beginning of the April, the price climbed from the 0.002 USD to almost 0.02 (0.0193 to be precise) seen on the 9th of May. The bull run is here and there are no doubts about that.

Bytecoin Chart

One thing in this whole rise is worrying me though. This current upswing is very similar to this one from the beginning of the year. The resemblance is uncanny. It started from the same levels and finished on them. The style, momentum..all that is very similar. We know that in trading and not only, history likes to repeat itself. If that is going to be the case here, we should soon experience a huge drop, which will erase all the current profits. One thing is certain, with this volatility, the next few days should be very interesting…

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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