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.
BCN / USD H4 Chart by TradingView
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.
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 / USD Daily Chart by TradingView
Traders should continue to monitor the trading action around the neckline of the double-top pattern. Continue on cryptobriefing.com