Hey! you look a little bloody today ;) I wonder what happened..
But well, crazy times right now in terms of bitcoin. Just bought a bunch of lbry for a discount and am currently shopping through bittrex. I am also obviously accumulating more bytecent :)
So let's get right into it. Why do I think that bytecent will very high very soon?
You see, I do a lot of analysis. I backtest a lot. I go through the history of coins in very detail and look out for patterns that reoccur also in other charts.
I always knew, that the lower the marketcap, the more volatility, the more upside potential, but today I took a closer look at the spikes in terms of marketcap. I noticed that these crazy manipulated spikes happen mostly to the lowest of the lowst marketcaps on bittrex and around 500.000 to 2mil marketcap.
So this draws me to bytecent, because it is one of the lowest marketcaps on bittrex. I think 2nd lowest with only nubits being lower, but nubits has a really bearish trend and I don't want to mess with that quite yet. Also the marketcap is 800.000 which is really close to sweet spot of 500.000.
In terms of chart, it looks quite amazing on a longterm view and also really nice on a short term view. Let me show you.
On longterm we can see a really heavy 2 year downtrend. We broke local support twice and hardsupport once, which is pretty much the perfect scenario for a major trend reversal. All the information about spotting these patterns and how they exactly look like is in my previous posts.
So now to the shortterm.
We can immediately see a heavy resistance level and the price trading in a range. Support is ascending a little and after the last test of resistance, we did't pull all the way back to the support line anymore, no, we recovered much earlier and much close to resistance. Until recently I would see this as a suboptimal sign, as I would sell at resistance and wait for the price to come back to support, I didn't like seeing the price take so long and it consolidating in the middle of the range, as it would be a bad price to buy into, if it comes back to support anyways. But this is actually a sign of extreme strength and a pattern that i saw unfolding in Vcash and KoreCoin.
So yeah, I really think the Risk to Reward is insane on this one. Similar charts I look at are Influx, Unbreakable, GBG, Stealthcoin, Curecoin, Goldcoin, Magi and EFL. They are all very low marketcap with a strong chart to back it up and 50x potential.
Cheers guys <3 Love you all