Crypto Contest February 28: Bytecoin

Bytecoin (Poloniex: BCNUSD) has broken out of the triangle pattern in the weekly chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Bytecoin began a wave one advance in November 2014. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in January 2018, and the red wave two (blue sub-waves a-b-c) correction ended in December 2018. If this wave count is correct, Bytecoin should be heading next towards the January 2018 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Bytecoin is a private, decentralized cryptocurrency with an open source code that allows everyone to take part in

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.