KKKAAABBBOOOOOOM!!! ByteCoin (BCN) Delivers 810.50% PROFIT Since @haejin's Analysis!! What's Next?
SUMMARY
On March 23rd, I had thoroughly analyzed ByteCoin (BCN) and the below chart was posted. BCN was undergoing the idealic ABC ZigZag correction (5,3,5). The subwaves also confirmed that the correction was very likely complete and that the blue wedge was about to breakout!
It turns out that my $0.002 bottom was a near precision hit!! Since then, price rose recently to $0.0186....THAT'S 810.5% in PROFIT!!! IN LESS THAN TWO MONTHS!!!! 810.5%!!!!!
What's next? First, when price goes vertical, I take profits. I take a good amount OFF the table. Why? Such price moves are NOT SUSTAINABLE!! That's what's next! Note that the below chart shows a nearly completed, if not already, saucer pattern or a rounded price formation! The peak to peak of the left and right walls are very symmetrical! I believe a correction is in store in the form of an ABC and that could be a 61.8% retracement. This would also form the handle of the very large Cup & Handle pattern. Once complete, price should swing up and resume the uptrend.
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it was super amazing..
moonn
Nice analysis but it was a very well organized pump and dump and it was only that high on binance most people couldn't sell there coins only a few made it onto binance before deposites were suspended
Because this is a pump and dump group
His chart is for HitBTC, not Binance
ah my bad then but that pump was still mainly to do with the pump and dump people were probably buying hopping they could switch it to binance those last 2 green bars are false raises the other ones are due to it being listed on binance
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Here's my forecast I made 2 months ago: "Bytecoin WXYXZ correction will end soon, waiting to break historic low (purple line) to confirm that! It goes down slowly because it is correction, but upside will be fast (impulsive wave), so don't miss it!"
https://steemit.com/cryptocurrency/@andriustovis/bytecoin-analysis-new-wxyxz-correction-ending-soon-don-t-miss-impulsive-wave-up
This is the current chart:
👍
Agreed. this was clearly a pump and dump. I am happy for anyone that made money from it, but the project itself is going nowhere, it really is a nonsense coin.
I kinda expected it from Bytecoin but for Binance to shit on their customers like this tells me it is no longer a trustworthy exchange and I will be removing all my coins and trading elsewhere from now on. When it comes to an exchange, trust is EVERYTHING and they was either complicit or they didn't do their due diligence. Mind you, I am guilty of the latter too but I'm not an exchange.
Here's how it played out...
Bytecoin is launched on Binance and Binance start the trades price at 10,000 Sat
However, the first trades come in low at about 95 Sat
For the next few hours the prices rises to 2600 Sat and looks set to soar to the 10,000 ($1) that Bytecoin HODLers have been hoping for.
I took a big foolish risk at this point and bought 1400 BCN at approx 2000 sat just before the massive drop back down and the problems got reported.
I've accepted the loss as a classic pump and dump and moved on. This is the risk we all take when trying to play the markets because none of us have all of the information of whats really going on.
As it stands right now, I've written it off as a loss and a painful lesson to never be influenced by greed. The Bytecoin Telegram communities are optimistic it will rise when these so called issues are resolved (especially the Asian markets) but I'm skeptical. If anything happens it's a bonus IMO. As doubtful as it may seem right now, if by some miracle the BCN markets all open again I'm certain it will go to the moon but I think the FUD is justified.
@richreeve I feel you. I fomo ed too. Who doesn't at some point in this game? I am jist thankful my mistake while significant to my overall crypto investments, wasn't as huge as some.
And lesson learned...
Do you not check the price before you buy?
it was at 10k sat in the 5th minute, and stayed there less than a minute. ... every new coins introduced in binance sees this kinda behaviour. i dont know what were you expecting. you should have checked the price in other exchanges before buying. in poloneix top was 204 sats. you fomo-ed big time.
I am not a fan of binance either but there are not many other good alternatives out there. As for bytecoin, it offers nothing that is not already out there and seems to simply copy other ideas but implement them badly. Sorry you lost money mate, trading with your junk is never a good idea.
Good luck in the future pal.
Wow @haejin
Good evening, mr. Haejin also analyzed this coin and exactly 4 months ago he made the same movement so a cup formation was almost evident. But back then I lost everything I had gained in 2 days, could it be in an almost similar to 4 months ago?
You cant catch every coin, but eventually when you catch one that you belive in the most and goes to the moon it doesnt get any better than that :)