Bytecoin BCN Breakdown of a downtrend local trend line.
Updated
There is a breakdown of the downtrend local trend line.
The beginning of a series of pumps like last time or a false breakdown?
The breakdown was made by an impulse at a large percentage.
The situation is similar as it was at the time to BTC / USD before the trend reversal in April 1, 2019. There was no rollback of the price after the impulse. Then the price rose to + 300%. Although you need to understand that bitcoin is a highly liquid instrument. And this coin is moderately liquid. It’s easier to manipulate and manage prices against crowd expectations.
And now the most interesting thing, no one can probably even guess at this time that this pump-coin is associated with such a well-known "anonymous" cryptocurrency as Monero (XMR)!
Monero Top Coin (XMR) is a fork of this coin! Not Bytecoin (BCN), namely Monero (XMR) is a fork. Roughly speaking, this pump coin is the mother of the top Monero coin. Probably few people know about this, as it was a very long time ....
They have money, watch the movement of large orders in a glass on the HitBts exchange. Only on the HitBtc exchange do they have 200 BTC moves in orders to buy. Which miraculously move the price up. At the Polonix exchange, the book of sales orders has been loaded, but most likely this is the majority of their orders. In the course of price growth, they will buy from themselves and show the "interest" of the buyer and the large volume in the market to attract the crowd.
Also, all this action will be accompanied by news such as: “Bytecoin is the hope of mankind”, “Bytecoin is collaborating with .....”, “Bytecoin is a new anonymous Bitcoin” and a similar FUD to accompany the price. Know - the news does not make a price. Money makes the price. News is created to accompany the price.
I think it’s not necessary to remind that such coins always merge 100% after pumping, however, like everyone else, only everything doesn’t grow in such a short time for such hundreds of percent. Do not believe in the "news".
ENTRANCE
Now or on a rollback if it will. Just be sure to use Stop Loos. I do not need to think to remind you that the entrance is now risky, as this breakdown may turn out to be a false breakdown. You immediately count on Stop Loos for the amount you are willing to lose. But if they pump on such percentages as before, then the risk is justified.
TARGET
By objectives, such coins can be pumped up, as you see, by hundreds of percent, where it is difficult to tell where the price will be reached at the beginning of the movement.
At the moment, I can only say what are the potential first goals. Goals are shown on the chart by target levels.
Stop loss
Set Stop Loss value with calculation of your trading strategy and money management.
May bring down your Stop Loss, this also needs to be understood. How they bring down Stop Loss, I told in the training idea.
The beginning of a series of pumps like last time or a false breakdown?
The breakdown was made by an impulse at a large percentage.
The situation is similar as it was at the time to BTC / USD before the trend reversal in April 1, 2019. There was no rollback of the price after the impulse. Then the price rose to + 300%. Although you need to understand that bitcoin is a highly liquid instrument. And this coin is moderately liquid. It’s easier to manipulate and manage prices against crowd expectations.
And now the most interesting thing, no one can probably even guess at this time that this pump-coin is associated with such a well-known "anonymous" cryptocurrency as Monero (XMR)!
Monero Top Coin (XMR) is a fork of this coin! Not Bytecoin (BCN), namely Monero (XMR) is a fork. Roughly speaking, this pump coin is the mother of the top Monero coin. Probably few people know about this, as it was a very long time ....
They have money, watch the movement of large orders in a glass on the HitBts exchange. Only on the HitBtc exchange do they have 200 BTC moves in orders to buy. Which miraculously move the price up. At the Polonix exchange, the book of sales orders has been loaded, but most likely this is the majority of their orders. In the course of price growth, they will buy from themselves and show the "interest" of the buyer and the large volume in the market to attract the crowd.
Also, all this action will be accompanied by news such as: “Bytecoin is the hope of mankind”, “Bytecoin is collaborating with .....”, “Bytecoin is a new anonymous Bitcoin” and a similar FUD to accompany the price. Know - the news does not make a price. Money makes the price. News is created to accompany the price.
I think it’s not necessary to remind that such coins always merge 100% after pumping, however, like everyone else, only everything doesn’t grow in such a short time for such hundreds of percent. Do not believe in the "news".
ENTRANCE
Now or on a rollback if it will. Just be sure to use Stop Loos. I do not need to think to remind you that the entrance is now risky, as this breakdown may turn out to be a false breakdown. You immediately count on Stop Loos for the amount you are willing to lose. But if they pump on such percentages as before, then the risk is justified.
TARGET
By objectives, such coins can be pumped up, as you see, by hundreds of percent, where it is difficult to tell where the price will be reached at the beginning of the movement.
At the moment, I can only say what are the potential first goals. Goals are shown on the chart by target levels.
Stop loss
Set Stop Loss value with calculation of your trading strategy and money management.
May bring down your Stop Loss, this also needs to be understood. How they bring down Stop Loss, I told in the training idea.
Note
This is what this breakdown looks like on a global scale. As you can see, something similar was in front of a series of pumps.
ytecoin (BCN) pump coin, as you can see from the graph, was pumped to mega X even in the bear market in 2018 twice in a row by + 600% and + 666% from the breakout zone.
As you can see, all the big pumpings were for non-random numbers +666, + 4000%, + 4666%, + 600%, + 666%.
Who knows how to read numbers, understands all the logic and why it was necessary to do so.
Also, I think you understand that such exact figures are not meaningfully made by the "psychology of the market", but rather by the "psychology of a group of individuals."
Note
After the breakdown of the downward secondary trend line , a symmetrical triangle has formed, which, in case of breakdown upwards, can act as the canvas of the ascending pennant. The goals of the triangle and the pennant are completely different. It will be worked out during the breakdown or only the goal of the triangle or the ascendant pennant can only be judged on the volume of the buyer during the breakdown13
Note
Concave local bottom. Important resistance and potential price reversal zone.
Note
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