Bytecoin is the 'loser' of the day

Bytecoin is a true “loser” of the day from the top 20 as it declined 11.71 percent in the past 24 hours. Nevertheless, bulls seem to take the initiative in their hands as the managed to move BCN/USD higher and the currency pair is above the descending local trend line currently.

Bytecoin is above the support area at 0,0100. BCN price is below the Ichimoku cloud as well. The possible scenarios for BCN/USD are the following:

1. The currency pair will develop its progress until the next resistance area at 0.0111 where the resistance line coincides with the lower border of the Ichimoku cloud. If bulls are able to cross them both, BCN/USD will have a chance to go towards the next resistance area at 0.0124.

2. Bytecoin will reach the next resistance level at 0.0111 and jump off it (or start to decline from the current levels). The next support area is 0.0100. The currency pair will meet the descending trend line there.

3. Bytecoin will stay close to the current levels with no significant fluctuations.

Bytecoin is above the ascending trend line as bulls are still in control of the situation. However, BCN/USD arouse the suspicions as its fluctuations currently are similar to “Pump&Dump” strategy.

Check the full crypto analysis HERE