ByteCoin (BCN/USD) Target $0.0065 (441% Profit Potential); BCN/BTC Target 0.00000265 BTC (15.46X Profit Potential)
SUMMARY
ByteCoin (BCN/USD) belongs to the Altcoin Chart Pattern Species called the Bullish Downward Pointing Symmetrical Triangle. It very quickly executed the impulse waves on the left of chart and then came to a near halt and become very slow through the symmetrical triangle. I've labeled the correction as a complex type with abc as subwaves of blue wave W, and then X, Y. I believe the correction is complete or near so. Expect a MASSIVE surge in the form of an impulse as shown by the forward discerned white waves to the right of the chart. The target is $0.0065 or 441% Profit Potential!! This could happen very quickly!
The BCN/BTC pair is almost identical to the BCN/USD pair! When such uncanny similarity exists between the pairs, it's EXTREMELY bullish! Note how the Elliott Wave impulse was hurried and completed in no time as seen on the left of chart! The corection too was very slow and prolonged hence executing the Hurry & Wait syndrome very well. Look how CLOSE the price is to the apex (the point at which the two lines of the triangle intersect). This means an upward price explosion is imminent! The forward discerned Elliott Waves to the right target 0.00000265 BTC or about 15.56X of current price! That's MASSIVE PROFIT potential!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Any updates on ETH? I'm considering taking my profits as I went in on X5 leverage 2 days ago. Do you see more upward potential?
Thanks in advance :-)
Be sensible, take your leveraged profits, humbly and gratefully, and move to a holding position. ETH about to pop, like everything else. You know what happens to the pigs.
Thanks for your advice. Since I'm at my computer and since the price is consolidating I'm thinking of following the stop-loss route. I got in at $331. I'll be selling if it hit $342. If prices go nowhere before I sleep, I'll just close and get in Dash which is a coin I can't shut up about.
I think we are going to be at $400 or right around there in a hurry. That is excellent advice though @solisrex. You've made money on the leverage, and yes you can catch some more. But remember the practice profit taking in a way in which you will always be happy with your choices. You can do as he said, take your profits from the bigger gamble of leverage, and move into a traditional hold position to cash our the big gamble, and continue to profit with the extended upswing that's coming. I would hold leveraged positions at this point ONLY if I were going to watch it all the way up, and not go to bed, or take off for 4 hours somewhere. Just my opinion of course!
$400 does seem very likely. Gladly I took the stop-loss route and not only held but added to my position. Guess I'll be getting off the rocket around $390.
I don't know if the 1Day scale Triangle pattern will get triggered. If that happens I'll be so glad. For the time being I'm waiting for $390-ish level.
My #5 trade nugget is that leverage/margin is a sure fire way to bring an account to zero or negative where you owe the broker money. Here is the link on my nuggets:
https://steemit.com/bitcoin/@haejin/haejin-s-trading-nuggets-all-learned-through-tonnages-of-failure-experiences
Yes I agree with you. Margin is like playing with fire ... especially in the high volatile Cryptomarkets
Hi, this is really funny. I just tried my first Elliot Wave counting on BCN yesterday and came to almost exact the same chart as you. Thanks for being such a great teacher and motivator Haejin.
Hey there....I know you. Welcome! Glad you came to check it out. Check out @crypto-bot for the archives that are posted, the main page has the links, but there is alot more to be added soon. Get on those tutorials, and past videos to really start to learn details. And of course the books. You'll be glad you signed up, glad you made it! -(damnnames on hitBTC)
Hi there, I'm really happy you pointed me at Haejin, this was just the one piece I was searching for. Traded waves before but had no name on it, and it was in stocks. Turned out damnnames was my light switch thank you :)
Thanks haejin. You have pointed out several Altcoin Chart Pattern Species.
I am curious does any one of the patterns carry heavier weight than the others?
Cup & Pattern would be slowest but most powerful.
Symmetrical is the one that gives the explosive surges.
The Jaws of Wealth is combination of the two above.
Please see comments section of following post for @mynameisdale's summary of coins.
https://steemit.com/bitcoin/@haejin/eos-is-showing-a-bullish-cup-and-handle-pattern-new-target-usd2-58-check-out
Thanks for the analysis! Do you know of the spelling mistake bnt instead of bcn at beginning of post
Yes, fixed, thanks
Yeah, in the title of the post
At first i though he might have done the analysis of the other bytecoin i dont know its marker(dont know even if its still going)
Looks like time to buy! Nearly reached its supply limit as well.
What timeframe would you give to this? Some days or weeks? Or months?
Do you know the fact that many of top 100 from 2 years do not exist now or has 0 value?
There is no point to grow again those all coins, there are plenty of new and capital is limited