Bytecent (BCY) has broken out and ready for next impulsive move as well

CryptoKraze here

In this post I am going to cover technical analysis of Bytecent for medium term trade. I am using tradingview charts and price linked to Bittrex exchange. Let' have a look on technical aspects of Bytecent.

Possibility on 1 hour Chart

If you look at the 1 hour chart, you will see that price has broken out with strong impulsive move. Now price is in process of forming a bullish flag. Now we will see RSI and it has come down to 55 level after going above 70 level, so it will dip a bit more. By that time the flag will complete and we will be ready for next impulsive move. If you look at bollinger bands for entry confirmation, you will notice that price is touching the upper bollinger bands and it will dip a little.

I have a buy entry at 12000 my profit target will be around 18000 or above if the next impulsive move is stronger.
Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

Have a look on my other Posts
Bitcoin Correction Almost Done - Get Ready for Boom
Averaging Technique in Crypto Trading

If you like my posts and analysis and want me to add analysis on more cryptocurrencies, let me know in comments and I will add analysis

Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose.