Bytecoin Analysis – Nice buy signal!

Third piece of the day will be the Bytecoin, which was previously mentioned on the 15th of August. Despite the down trend, we acknowledged the chance for a bullish reversal as the down trendline was getting closer. We did not say: BUY but we mentioned one condition, when that would be profitable:

“Sellers are still supported by the red down trendline. As long as the price stays below this line, we do have a sell signal. Breakout can be an occasion to buy BCN but chances for that are now rather limited. „

Breakout happened two days after those words were written. That gave us a proper buy signal. At the end of August, the price broke the horizontal resistance on the 0.0023 USD (green) and at the beginning of September, we used that as a support. That was a confirmation of a positive sentiment here. 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).