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Has Blackcoin Bottomed Out?

POLONIEX:BLKBTC   None
Blackcoin is in an AB=CD potential harmonic reversal zone, accompanied by a 1.13 projection, very nice looking bullish momentum divergences on all the higher timeframes, a possible triangle, and bullish divergent bars on multiple timeframes. This sets us up with a fantastic r/r trade because Blackcoin is a very small coin that could increase pretty dramatically from the current prices. There will likely be significant resistance along the way up, so it will be good to watch and possibly take some profit if the resistance zones hold, and get in lower if the supports subsequently continue to hold.

If this support fails then it will be a good idea to steer clear of this crypto for awhile because it will likely go significantly lower, and there is no where you can short it. If support continues to hold, though, this coin could definitely begin advancing over the next couple years. And, potentially, this could be one of the lowest prices we ever see for Blackcoin.

Fundamentally this coin seems to have a lot going for it, there's a dedicated dev team and an active community, and the launch seems like it was pretty fair too. More details can be found here: http://blackcoin.co/ and in the ANN. If the devs are able to deliver on all of their promises this could end up being a very useful coin, and they already have delivered on a few of their promises and are actively updating their wallet software. Blackcoin definitely has some potential for a bottom here, especially with how bullish cryptocurrency has been in general, and if the ETF gets approved and the bull trend on bitcoin eventually continues a lot of new money will start flowing into all kinds of cryptocurrencies because the media will be all over it again. I think this may just be one of many altcoins that finds a bottom this year if this support holds and Blackcoin starts picking up some of the breadth from the larger crypto bull run.

"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult." -Seneca
Comment: Also, with both China and the US increasing regulations on centralized exchanges we could see some people start to migrate over to decentralized exchanges as a way to skirt regulations and lower fees and reduce counter-party risk. Because Blackcoin is developing http://nighttrader.org/ which is a decentralized exchange that allows for p2p fiat exchanges, it could be a good way for Chinese people to continue to use cryptocurrency (and Blackcoin in particular) to get around their very strict capital controls.
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