Hello Steemers!
A friend of mine pointed out that Bytecoin has an interesting chart, so without further due, decided to do a chart on it.
BCN/BTC Poloniex - 1 day chart clean
BCN/BTC Poloniex - 1 week chart clean
For the start the clean charts, both daily and weekly to get a view on the whole market.
BCN/BTC Poloniex - 1 day chart highs and lows marked
BCN/BTC Poloniex - 1 week chart highs and lows marked
Marked highs and lows on the daily chart, there are allot of lines, very tight, 1 sat spread everywhere, but all the levels are used in this coin as it has 1 sat moves most of the time. So at the end of the day every line can be used for a possible trade positioning.
BCN/BTC Poloniex - 1 day chart highs and lows marked + fib
BCN/BTC Poloniex - 1 week chart highs and lows marked + fib
Went for a fib again, in hope to get some lines kicked off, at least from the higher levels.
BCN/BTC Poloniex - 1 day chart cleaned
BCN/BTC Poloniex - 1 week chart cleaned
Cleaned the chart as much as possible, mostly on the higher levels as i think in the lower levels every satoshi is important for trading.
*BCN/BTC Poloniex - 1 week chart cleaned + accumulation zone *
Spotted an accumulation area in the lower chart level. At the moment the price being at the top border of it.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
Please post the links to your TA's posts into the comments as well!
DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Everyone who uses TA develops his own unique charting style, please keep that in mind.
Kind regards, OZ :)
COMMENT
The volume started picking up since the start of 2016, mostly on the buys, leaving the impression of an heavy accumulation zone and possible uptrend in the near future. I still see possibility the price dropping into a downtrend making a new local low between 3 and 4 satoshi but i think the chance of that happening is a bare minimum. I'd expect the price to either go down for 1 more accumulation wave(purple), or the option i'd probably lean towards more, a soon break of the accumulation zone upwards(light blue) and a more aggressive uptrend.
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I find BCN interesting since it is the original CryptoNote cryptotoken that first implemented Ring Signatures. Surprisingly (or not so), Ring Signatures / Confidential transactions is a feature that Steem is looking at implementing at some point in the future (see this portion of the road map https://steem.io/roadmap/confidential/).
First to market (minus the ridiculous ninja-mine -- or was it insta? -- by the CryptoNote developers, and some other shadiness with mismatching dates on the original white paper) often has an advantage. Either way, we may not have seen any implementation of Ring Signatures in a cryptotoken for quite some time if it hadn't been for the people (or person?) behind ByteCoin.
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Thanks technical report and hope you are right on the uptrend.
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Can you explain how it works ? i want to learn
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I have been mining BCN with Minergate on my laptop for the past 3 months I wish I'd seen this last week as I sold it all :(
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