• Home
  • Trading
  • Live Data
  • Events
Home Trading Bytecoin Price Analysis BCN / USD: Challenging Recovery

Shutterstock

Bytecoin Price Analysis BCN / USD: Challenging Recovery

BCN bulls need to put a lot of effort into changing the trend.

-

  • Bytecoin has bearish short-term outlook, with price still capped below the BCN / USD pair’s 200-period moving average on the four-hour time frame
  • The four-hour time frame shows that price is still trapped within a falling price channel
  • A daily time frame shows a bearish double-top pattern formation weighing on the cryptocurrency

Bytecoin / USD Short-term price analysis

Bytecoin has a bearish short-term trading bias, with the BCN / USD pair still trading below its 200-period moving average on the four-hour time frame.

The four-hour time frame is showing that the BCN / USD pair is attempting to recover bullish momentum and attempting to break away from a falling price channel.

Technical indicators on the four-hour time frame are bullish and continue to issue strong buy signals.

SIMETRI Research

 

BCN H4 Chart August 9 by TradingView
BCN / USD H4 Chart by TradingView

 

Pattern Watch

Traders should note that falling price channels are typically considered bullish reversal patterns.

Relative Strength Index

The RSI indicator has turned bullish on the four-hour time frame and is now issuing a buy signal.

MACD Indicator

The MACD indicator is bullish on the four-hour time frame and continues to issue a strong buy signal.


Bytecoin / USD Medium-term price analysis

Bytecoin has a bearish medium-term bias, with price still trading below the BCN / USD pair’s trend defining 200-day moving average.

The daily time frame is showing that a bearish double-top pattern is weighing on sentiment over the medium-term. The 50-day moving average is also close to crossing over the 200-day moving average, further dampening the medium-term technical outlook.

Technical indicators across the daily time frame are attempting to turn bullish.

 

BCN Daily Chart August 9 by TradingView
BCN / USD Daily Chart by TradingView

 

Pattern Watch

Traders should continue to monitor the trading action around the neckline of the double-top pattern.

Relative Strength Index

The RSI indicator is attempting to move higher on the daily time frame, although it remains technically bearish.

MACD Indicator

The MACD indicator on the daily time frame is starting to issue a buy signal.


Conclusion

Bytecoin remains technically bearish across both time frames despite the recent solid rebound in the emerging cryptocurrency.

Bulls now need to break out from the falling price channel on the four-hour time frame and negate the bearish moving average crossover developing across the daily time frame.

 

Check out Bytecoin in our coin guide. 

 

Bytecoin Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

Avatar
The Analyst Team
Crypto Briefing has become known for providing thoughtful and insightful diligence on early-stage blockchain ventures. Our reports are distributed globally, including via Binance Info. Almost 100 free, unpaid, and independent Digital Asset Reports and Evaluations and early-stage crypto assessments are available by clicking on the CB icon, right here.

JOIN OUR COMMUNITY!

Join the conversation on Telegram and Twitter!

8,427FollowersFollow
1,342SubscribersSubscribe

More News & Analysis

Get The Best Of Crypto Briefing!

Crypto news flashes, new DARE research, upcoming mainnet launches, market reports, and much more!

X
X