Bytecoin Price Analysis: Time For Take-Off, Finally testing Left

• BCN price, which rose by 350% in the last rally, saw a significant profit-booking, which led to the formation o flag and pole pattern 
• BCN price is now testing the resistance of the downward channel and may inflate by 134%

The daily- time-framed image is the line chart of Bytecoin, which has made a flag and pole pattern after a 3505 rally. The price is expected to inflate by 135%, based on the pole of the flag and pole pattern. The crucial supports and resistances are found in sync with the Fibonacci level. However, volume analysis is a signalling weakness in the coin as the price range volume analysis shows a smaller number of buyers than sellers. The market cap and 24-hour volume of the coin are $91,434,164 and $146,718, respectively. 

Bulls Fighting Against Cluster Of Resistances

Left Image: It is a daily-time frame candlestick chart of bytecoin that shows the prices forming a series of indecisive candles shown in the form of dragonfly and spinning top candles. Crucial supports are at $0.000407 and $0.000296 (38.2% and 23.6% Fibonacci levels) and resistances are along $0.000586 and $0.00071 (50% and 61.8% Fibonacci levels). 

Right Image: The chart shows that BCN price has retested support at 200EMA($0.000325) and is headed towards the intersection($0.000565-$0.00058) of 10EMA, 20EMA and 50EMA; which will be a strong resistance to surpass the price. The 10EMA, 20EMA and 50EMA are on the verge of bearish convergence. Hence bulls need to maintain sticky stop loss to avoid losses due to the precipitous tumbling of prices. 

The Bollinger band still favours the bear as the lower band is headed south while the upper band is still following it. The resistance is applied by the median(10EMA) and upper band at $0.0008 and $0.000579. The support resides at the lower band – $0.0034. 

The RSI is at 54 levels and is preparing to lift off. Immediate support is at 50, while resistance is along 70, 80 and 90 levels. 

The MACD(8,21,5) makes positive divergence as the lines continue to fall while the price is consolidated. Such a situation often brings in reversals. Bulls may take the position from hereon or wait for a bullish crossover, depending upon their risk appetite. 

Conclusion – 

BCN price is on the verge of testing the flag and pole pattern resistance and the cluster of EMA. The volume doesn’t show much particip[ation from bulls yet, while the price action and indicators favour a reversal. 

Support: $0.0004(38.2% fibonacci level) and $0.0005(23.6$ fibonacci level and 200EMA) 

Resistance: $0.00049(50% Fib level and 10EMA, 20EMA and 50EMA convergence) and $0.000586(61.8% FIb Level)

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