SUMMARY
On March 23rd, I had thoroughly analyzed ByteCoin (BCN) and the below chart was posted. BCN was undergoing the idealic ABC ZigZag correction (5,3,5). The subwaves also confirmed that the correction was very likely complete and that the blue wedge was about to breakout!
It turns out that my $0.002 bottom was a near precision hit!! Since then, price rose recently to $0.0186....THAT'S 810.5% in PROFIT!!! IN LESS THAN TWO MONTHS!!!! 810.5%!!!!!
What's next? First, when price goes vertical, I take profits. I take a good amount OFF the table. Why? Such price moves are NOT SUSTAINABLE!! That's what's next! Note that the below chart shows a nearly completed, if not already, saucer pattern or a rounded price formation! The peak to peak of the left and right walls are very symmetrical! I believe a correction is in store in the form of an ABC and that could be a 61.8% retracement. This would also form the handle of the very large Cup & Handle pattern. Once complete, price should swing up and resume the uptrend.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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it was super amazing..
moonn
Nice analysis but it was a very well organized pump and dump and it was only that high on binance most people couldn't sell there coins only a few made it onto binance before deposites were suspended
His chart is for HitBTC, not Binance
ah my bad then but that pump was still mainly to do with the pump and dump people were probably buying hopping they could switch it to binance those last 2 green bars are false raises the other ones are due to it being listed on binance
Here's my forecast I made 2 months ago: "Bytecoin WXYXZ correction will end soon, waiting to break historic low (purple line) to confirm that! It goes down slowly because it is correction, but upside will be fast (impulsive wave), so don't miss it!"
https://steemit.com/cryptocurrency/@andriustovis/bytecoin-analysis-new-wxyxz-correction-ending-soon-don-t-miss-impulsive-wave-up
This is the current chart:
👍
Agreed. this was clearly a pump and dump. I am happy for anyone that made money from it, but the project itself is going nowhere, it really is a nonsense coin.
I kinda expected it from Bytecoin but for Binance to shit on their customers like this tells me it is no longer a trustworthy exchange and I will be removing all my coins and trading elsewhere from now on. When it comes to an exchange, trust is EVERYTHING and they was either complicit or they didn't do their due diligence. Mind you, I am guilty of the latter too but I'm not an exchange.
Here's how it played out...
Bytecoin is launched on Binance and Binance start the trades price at 10,000 Sat
However, the first trades come in low at about 95 Sat
For the next few hours the prices rises to 2600 Sat and looks set to soar to the 10,000 ($1) that Bytecoin HODLers have been hoping for.
I took a big foolish risk at this point and bought 1400 BCN at approx 2000 sat just before the massive drop back down and the problems got reported.
I've accepted the loss as a classic pump and dump and moved on. This is the risk we all take when trying to play the markets because none of us have all of the information of whats really going on.
As it stands right now, I've written it off as a loss and a painful lesson to never be influenced by greed. The Bytecoin Telegram communities are optimistic it will rise when these so called issues are resolved (especially the Asian markets) but I'm skeptical. If anything happens it's a bonus IMO. As doubtful as it may seem right now, if by some miracle the BCN markets all open again I'm certain it will go to the moon but I think the FUD is justified.
@richreeve I feel you. I fomo ed too. Who doesn't at some point in this game? I am jist thankful my mistake while significant to my overall crypto investments, wasn't as huge as some.
And lesson learned...
Do you not check the price before you buy?
it was at 10k sat in the 5th minute, and stayed there less than a minute. ... every new coins introduced in binance sees this kinda behaviour. i dont know what were you expecting. you should have checked the price in other exchanges before buying. in poloneix top was 204 sats. you fomo-ed big time.
I am not a fan of binance either but there are not many other good alternatives out there. As for bytecoin, it offers nothing that is not already out there and seems to simply copy other ideas but implement them badly. Sorry you lost money mate, trading with your junk is never a good idea.
Good luck in the future pal.
Wow @haejin
Good evening, mr. Haejin also analyzed this coin and exactly 4 months ago he made the same movement so a cup formation was almost evident. But back then I lost everything I had gained in 2 days, could it be in an almost similar to 4 months ago?
Hello @haejin what's up friend????
Thank you for sharing potentially of BCN coin.
good analysis of that
sir
should i hold my bytecoin
No, you shouldn't. when price goes vertical like that, it is not sustainable. If you are truly a bytecoin fan, best move will be sell now, buy back again after it corrects as suggested in the last graph.
My advice is NOT to sell. In all honestly, I have written off my BCN as a loss.
However, many are still optimistic that the blockchain issues are genuine and when they're resolved, the price will rocket.
I do feel for the people who missed the small window of opportunity. This time yesterday, you could have cashed out at $0.24 BCN
If all the FUD is wrong, i'm certain it will exceed this price when/if the markets open again.
I'd say give it another 72hrs. Keep a close eye on Bytecoin for any announcements. If nothing after 72hrs then sell. As small as the chance may be, there is still a chance this could pay off if your patient.
@richreeves I have a bit of BCN that I am stuck with. The temptation is to sell right now and take a deep loss, or as you suggest, wait another 72.
Am I being nieve to think there is a small hope it will come back where I can break even at least?
Nice analysis thank you for the information, interesting reference to te pump and dump, I am still learning about those.
so many coins are there and it is very hard to catch the real hero
Its still rising! 0.03 at this point... Always feels bad to see you missed a rocket to the moon... on to the next i suppose
You make no mention of the main Bytecoin news from yesterday with what happened on Binance and the reported blockchain issues. This has severely effected the market to such an extent, I don't believe any accurate predictions can be made at this time.
Even Coinmarketcap has stopped publishing figures
Bytecoin looks interesting. Thanks for making me aware of it. I surely need to learn more about it.
https://steemit.com/bitcoin/@khaled4444/bcn-why-did-all-this.png)
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