The currency pair has lost more than 17% in the past 24 hours and is the greatest loser of the day from the Top 20. Bytecoin seems to follow its global downtrend as the currency pair returns to its historical lows.
Let’s see what is going on within the Fibo retracement. The price has reached the red midterm trend line and jumped off it. IT is below the 1 retracement level now. BCN/USD has recently tested the support area at $0.0071 and jumped off it. The possible scenarios for the currency pair are the following:
1. Bullish scenario (nearly 60% of probability). The currency pair will run towards the closest resistance area at $0.0082, which is close to the 1 retracement level.
2. Bearish scenario (nearly 30% of probability). The currency pair will fall below the closest support area at $0.0071 and move towards the closest 2.618 retracement level.
3. Neutral scenario (nearly 10% of probability). The currency pair will stay close to the current levels without significant changes.
The bullish scenario means a deeper correction to the general downside tendency.
Read our whole review here.
1. Bullish scenario (nearly 60% of probability). The currency pair will run towards the closest resistance area at $0.0082, which is close to the 1 retracement level.
2. Bearish scenario (nearly 30% of probability). The currency pair will fall below the closest support area at $0.0071 and move towards the closest 2.618 retracement level.
3. Neutral scenario (nearly 10% of probability). The currency pair will stay close to the current levels without significant changes.
The bullish scenario means a deeper correction to the general downside tendency.
Read our whole review here.
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