Bytecoin
$0.00038 -2.46%
BCN · 13w

Bytecoin Price Analysis BCN / USD: Challenging Recovery

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.

 

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 / USD Daily Chart by TradingView

 

Pattern Watch

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

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