$BCN BTC Salivating over Bytecoin? Go grab a burger instead
Ladies and gents, cycles exist whether you like it or not. When you understand and respect cycles, you’ll do much better as a trader. There are bull and bear cycles with every asset. While we can rely on fib levels for correction entries, not understanding cycles will lock up your capital for an unknown amount of time and ultimately force a premature losing exit for a better trade.
I want to thank my followers for bringing this coin up to my attention so I can hopefully save a few traders from this seemingly great trade. On the surface, we have
1) An impulse wave that did 600%. Six hundred percents. Yes, FOMO was very real
2) A corrective wave down to almost .786 that terminated at the support created by the resistance in early May at 75 satoshis.
3) As far as fib time, this corrective wave happens to be roughly .618 of the impulse so it’s save to assume that it should be done, right?
4) The last 2 days, we have an indecision candle which was followed by bullish candle that broke above our 9D EMA and will likely close above it.
5) We are trading above a technical pivot at 89 satoshis and will likely close above it.
6) In this short BTC recovery, it is the definitely one of the higher gainer, currently at 24% where most of the other major coins are doing 5-10%
So, BCN seem bullish, should you buy? Well, let’s take a look at the history of this coin
I don’t know about you but I have reservations recommending this coin. It seems too pump and dump to me. If you take a closer observation at the last 2 pumps:
3/28/2017 to 5/22/2017 - the correction took about 4 times the length of time of the impulse wave
12/14/2017 to 1/6/2017 - same thing - the correction was 4 times the impulse wave
Please note, I have a high chance of being wrong here since we do have a W or double bottom being formed here. However, if history repeats itself, likely we’ll see another pump in September and not anytime soon.
With that said, there are plenty of other great trades that are happening now so while this might seem like a great trade at the moment, do yourself a favor, control your appetite and look elsewhere. Much love.
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*The ideas and comments expressed herein are my personal opinions and should not be taken as financial advice. Being a trader, at any given point in time, I may or may not be holding the asset in question. This is not a recommendation to buy, sell, or hold.*
I want to thank my followers for bringing this coin up to my attention so I can hopefully save a few traders from this seemingly great trade. On the surface, we have
1) An impulse wave that did 600%. Six hundred percents. Yes, FOMO was very real
2) A corrective wave down to almost .786 that terminated at the support created by the resistance in early May at 75 satoshis.
3) As far as fib time, this corrective wave happens to be roughly .618 of the impulse so it’s save to assume that it should be done, right?
4) The last 2 days, we have an indecision candle which was followed by bullish candle that broke above our 9D EMA and will likely close above it.
5) We are trading above a technical pivot at 89 satoshis and will likely close above it.
6) In this short BTC recovery, it is the definitely one of the higher gainer, currently at 24% where most of the other major coins are doing 5-10%
So, BCN seem bullish, should you buy? Well, let’s take a look at the history of this coin
I don’t know about you but I have reservations recommending this coin. It seems too pump and dump to me. If you take a closer observation at the last 2 pumps:
3/28/2017 to 5/22/2017 - the correction took about 4 times the length of time of the impulse wave
12/14/2017 to 1/6/2017 - same thing - the correction was 4 times the impulse wave
Please note, I have a high chance of being wrong here since we do have a W or double bottom being formed here. However, if history repeats itself, likely we’ll see another pump in September and not anytime soon.
With that said, there are plenty of other great trades that are happening now so while this might seem like a great trade at the moment, do yourself a favor, control your appetite and look elsewhere. Much love.
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*The ideas and comments expressed herein are my personal opinions and should not be taken as financial advice. Being a trader, at any given point in time, I may or may not be holding the asset in question. This is not a recommendation to buy, sell, or hold.*
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