Bytecoin has seen a wave of development over the past few months as it makes progress on its roadmap released in November 2018.
To start with, the team has officially released a lightweight mobile application wallet for Android which is designed to improve the ease of access for BCN holders. BCN users will no longer need to connect and update their blockchain as the mobile wallet will provide the same features without the need for consistent syncing.
The Android mobile wallet, which comes with multi-language support, also allows users to directly exchange BTC & ETH into BCN.
In other Bytecoin developments, the project now offers “auditable coins.”
The Bytecoin network already provides ring signature anonymity which prevents users from being able to view what coins were spent and by whom. However, that level of anonymity would be too restrictive for public applications of blockchain.
That’s where “auditable coins” come in. Auditable coins will allow users to be able to view the coins and amounts through a modified cryptographic ring signature that will allow “view-only” wallet access to selected users.
Most importantly, auditable coins do not compromise the anonymity of the users within the transaction. The feature can be used through the use of auditable wallets, and users can now test this new function.
Let us take a look at the BCN/USD market over the recent period and highlight any potential areas of support and resistance moving forward.
Bytecoin has seen a small price hike totaling 3.52% over the past 24 hours of trading as the cryptocurrency is now exchanging hands at a price around $0.000732, at the time of writing.
However, the cryptocurrency has still a long way to recover after losing 2.95% over the past 7 trading days and a further 68% over the past 90 trading days.
The Bytecoin project is now ranked in 38th position and currently holds a market cap value of $131 million. The 55-month old is now trading at a value that is 95% lower than the all-time high price.
Analyzing the market for BCN/USD from the 4-hour perspective above, we can see that the market had rebounded from its 2018 low at $0.000502 on December 15, 2018 and proceeded to rally.
Price action rose until it reached resistance provided by a bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.000857. This Fibonacci Retracement is measured from the high seen in November 2018 to the yearly low seen in December 2018.
After reaching the resistance level, the market then began to fall slightly into support provided by the short-term .5 Fibonacci Retracement level (drawn in green) priced at $0.00690.
BCN/USD has now been trading within a narrow range over the past week.
This range is located between the .236 Fibonacci Retracement level (drawn in green) priced at $0.000793 as the upper boundary and the 0.50 Fibonacci Retracement level (drawn in green) priced at $0.000690 as the lower boundary of the range.
The overall current trend is neutral at this moment in time as the market consolidates within the boundaries of the range.
For this market to be considered bullish in the short term, we would need to see BCN/USD break back above the $0.000877 handle and continue higher.
If the market breaks through the lower boundary of the range, this would create a lower low, leading us to consider this market as bearish in the short term.
If the bulls can force price action above the resistance at the upper boundary of the trading range, we can expect further higher resistance to be located at the bearish .382 FIbonacci Retracement level (drawn in red) priced at $0.000857.
This is followed by more resistance above at the bearish .5 FIbonacci Retracement level (drawn in red) priced at $0.000969.
If the bullish momentum continues to drive price action further higher, more resistance above can be located at the 1.272 and 1.414 Fibonacci Extension levels (drawn in purple), priced at $0.000987 and $0.001041 respectively.
Further resistance above can then be expected at the bearish .618 FIbonacci Retracement level priced at $0.001080.
If the sellers manage to push price action below the $0.000690 handle, we can expect immediate further support toward the downside to be located at the short-term .618 and .886 Fibonacci Retracement levels (drawn in green), priced at $0.000645 and $0.000580 respectively.
Further support located below can be expected at the previous downside 1.414 Fibonacci Extension level (drawn in red), priced at $0.000547. This is followed by the December 2018 low priced at $0.000502.
The Bytecoin team has continued to create a wave of developments over the past few months which is a good sign for any investor.
The “auditable coins” will now open up a whole new range of applications for the BCN blockchain as users will be able to audit wallets that are used for public technology applications built on the Bytecoin blockchain.
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