Bytecoin (BCN)

Current price: $ 0.000443

24 hours price change: $ -0.000002 (-0.53%)

Bytecoin - Average Directional Index

The Average Directional indicator (or ADX) is a directional trading indicator that is used to identify a technical trend, in this case of the Bytecoin. The trend that is being identified, can be both a positive trend as a negative trend in the pricedevelopment of Bytecoin.

The ADX was primarily developed for commodities, however it is also in use for stock and currency technical analysis, as well as for Bytecoin. In this continuously updated article, we will explain the meaning and current trend of Bytecoin. The current ADX analysis is based on the historical prices of Bytecoin until March 3rd, 2021.

In the chart below, the strength the trend is drawn, as well as the positive and negative directional indicators. The ADX (Average Directional Index) is the black line. The positive directional indicator (+DI) is the green line, and the negative directional indicator (-DI) is drawn in red.

Price chart for Bytecoin from 09/02/2020 until 03/03/2021.

In the chart above, the development of the price for Bytecoin is shown for the period from 09/02/2020 until 03/03/2021. This same timeframe has been used in the average directional indicator chart below.

Average directional indicator for Bytecoin until 03/03/2021.

In the charts above, you can see the trends of the ADX, +DI and -DI. The current values of these three indicators for the Bytecoin are listed in the table below.

Bytecoin average directional index 37.24
Bytecoin positive directional indicator 45.38
Bytecoin negative directional indicator 28.12

 

Several signals can be gained from the chart above. First of all, the green line gives us an indication of the positive trend. The opposite line, the red one, indicates the negative trend for Bytecoin.

When the green line tops the red line, the Bytecoin is in a positive trend. However, when the situation turns around, the trend has also changed to a negative trend for Bytecoin.

Furthermore, the black line gives the strength of the current trend of Bytecoin, both positive and negative. The higher the black line (ADX), the stronger the trend.

Bytecoin ADX score

The Average Directional Index (ADX) is used to measure the strength or weakness of a trend, not the actual direction. In general, when the positive directional indicator is higher than the negative directional in indicator, the trend of Bytecoin is assumed to be positive. An important signal is when the -DI (red line) and +DI (green line) crosses over.

The current directional indicator gives a positive signal for Bytecoin. The positive directional indicator for Bytecoin is 45.38, which is higher than the negative directional indicator (28.12). The trend that the Bytecoin follows is a positive one.

The current ADX value is 37.24, which tells us that the current trend is strong. Using these values, we can asume that the Bytecoin will continue its upwards trend. In short, the current average directional index gives us a buying signal for the Bytecoin. However, keep an eye on turning trends.

 

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