Bytecoin / USD Technical Analysis: Taking In More Water

2019-2-6 17:27

Bytecoin is bearish in the short-term with price creating bearish lower highs The medium-term outlook for the BCN / USD pair is also bearish with the cryptocurrency showing few bullish signs A sustained break below the pair’s 2018 trading low should provide the next bearish catalyst BCN / USD Short-term price analysis

In the short-term, Bytecoin is bearish with the pair consolidating towards the worst levels of last year. A bullish inverted head and shoulders pattern is visible, although it is close to being invalidated.

Price is creating bearish lower highs, highlighting that the path of least resistance is to the downside for the BCN / USD pair.

The four-hour time frame shows that technical indicators are starting to move higher, although any rallies are likely to be met with strong selling interest.

Pattern Watch

Traders should carefully watch for a break above or below the inverted head and shoulders pattern, as that will give a strong indication towards the next directional bias of the BCN / USD pair over the short-term.

BCN / USD H4 Chart (Source: TradingView)

MACD Indicator

The MACD indicator is attempting to correct higher although a clear bullish signal has yet to be generated.

Stochastic Indicator

The Stochastic indicator has turned bullish on the mentioned time frame, although price has failed to make a strong rally.

BCN / USD Medium-term price analysis

Bytecoin is bearish over the medium-term and has been under almost constant selling pressure since the cryptocurrency’s rapid decline below its 50-day moving average during October of last year.

The daily time frame chart is highlighting that there are currently few reasons to be bullish towards the BCN / USD pair. A sustained decline below the pair’s December trading low should trigger the next wave of technical selling.

BCN / USD Daily Chart (Source: TradingView)

Pattern Watch

The inverted head and shoulders pattern is likely to fail in the medium-term, given the protracted downtrend underway and the overall bearish sentiment towards the cryptocurrency.

RSI + MACD Indicators

The RSI and MACD indicators on the daily time frame are currently generating no clear signals.

Conclusion

Bytecoin is overwhelmingly bearish in the short and medium-term and continues to drift lower alongside the prevailing long-term downtrend already underway.

Traders should position themselves accordingly if a bearish breakout below the cryptocurrencies 2018 trading low occurs.

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