Bytecoin (BCN/BTC): Is a Breakout in Progress?

SUMMARY

ByteCoin (BCN/BTC) had been basing from May to December of 2017. A real, long correction! Recently, it rose in a clear impulse set of five waves. A correction is required and so is in progress as shown in below chart. As price has breached the upper line of the bull flag looking pattern, the key question is whether this is a breakout or not? Yes, price can continue going sideways; but if the MACD turns up, the breakout gets more support.

IF this is a breakout, confirmation could be seen as an impulse set (blue waves). For this, a smaller higher would be required to confirm the onset of blue wave 3.

Legal Disclaimer: 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.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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