Bytecoin is notorious for being a "scam coin" but it is far from that. 2017 has shown investors that BCN has potential, that along with roadmap milestones being hit without delays is very promising from a coin that was dubbed dead. I am a firm believer in the potential of bytecoin! Bytecoin is the father of all privacy coin and will be a main contender this year. The release of a new wallet that makes integration of bytecoin easier should appeal to many potential businesses/partners. Hopefully this will also resolve the Poloniex wallet issue... Regardless, as Q1 rolls to an end (and hopefully the bear market that we are in) with the Asian market behind us (BitIndia to start and hopefully more exchanges such as binance, etc), we can now move on towards the middle eastern market as depicted in the roadmap. The middle east has stated numerous time that they want to be a powerhouse in the crypto movement (www.wsj.com/articles...lockchain-1493086080). Q2 should bring bytecoin to greater heights with the hardfork (June Q2) and also the surprise that the BCN team has for the community on the 6th year anniversary of BCN! Many new investors are looking for a get rich quick kind of crypto which will be one of the main factor that investors will be attracted to Bytecoin because of how cheap it is but I am a firm believer in bytecoin so I will be playing long term as well as short term gains. There is nothing wrong with taking profits as bytecoin rises and re-entering as it pulls back.
Bytecoin have been descending since early Jan 2018, as well as all cryptos, but it has broken the descending wedge a few days back. MACD also indicates that a potential reversal is coming. Bytecoin might even see some sideway movement as BTC recovers. The first resistance that BCN has to break is its previous ATH during Jan 2018 of 112sats. Once broken, BCN will have to break 155sats which was support from its previous run-up during MAY/JUNE 2017. If broken, then the next TP that I am eyeing is 270sats+. Many are calling BCN to hit $1 USD by EOY, which I am doubtful of but again... this is Crypto so noone really knows how high or low any coins can go. I think BCN will most likely hit between 30-50c by EOY, which is still a crazy increase in price. The main issue that must be dealt with (and is being dealt with by the BCN team) is to get on more exchanges. BCN was added on a handful of new exchanges during Q1 so that is something! Hopefully the rest of the year will bring us to bigger exchanges so that we can finally see the price of BCN appreciate to levels worthy of its value.
In summary, my short term target prices are:
1) 112sats
2) 155sats
3) 270sats
I will most likely be taking profits on the way up and looking to re-enter on slight pullbacks. I've learned the hard way that nothing goes up forever.
This is not investment advice, this is just my take on BCN.
Bytecoin have been descending since early Jan 2018, as well as all cryptos, but it has broken the descending wedge a few days back. MACD also indicates that a potential reversal is coming. Bytecoin might even see some sideway movement as BTC recovers. The first resistance that BCN has to break is its previous ATH during Jan 2018 of 112sats. Once broken, BCN will have to break 155sats which was support from its previous run-up during MAY/JUNE 2017. If broken, then the next TP that I am eyeing is 270sats+. Many are calling BCN to hit $1 USD by EOY, which I am doubtful of but again... this is Crypto so noone really knows how high or low any coins can go. I think BCN will most likely hit between 30-50c by EOY, which is still a crazy increase in price. The main issue that must be dealt with (and is being dealt with by the BCN team) is to get on more exchanges. BCN was added on a handful of new exchanges during Q1 so that is something! Hopefully the rest of the year will bring us to bigger exchanges so that we can finally see the price of BCN appreciate to levels worthy of its value.
In summary, my short term target prices are:
1) 112sats
2) 155sats
3) 270sats
I will most likely be taking profits on the way up and looking to re-enter on slight pullbacks. I've learned the hard way that nothing goes up forever.
This is not investment advice, this is just my take on BCN.
Trade closed: target reached
Comment:
Binance has listed BCN and it is trading at 1,640sats at this moment!!!
Bottom has been found and BCN is indeed moving sideway as expected during this BTC recovery phase. I am eagerly awaiting the release of new stores to the BCN ecosystem, BCN/fiat exchange, and BCN card that is scheduled for the end of april. Also worth mentioning would be the upcoming announcement of the BCN tokens in the near future as stated by BCN team on reddit. Q2 will most definitely bring BCN to greater heights. It is only a matter of time!
The graph depicts sideway movement ranging from 29-31sats along with RSI trending upward and MACD showing bullish sign. Volume is also starting to pick up (volume for the whole crypto market also). I will be keeping an eye on BCN's movement and will update accordingly. Happy investing all!