Hello everyone,
this is my first post on TradingView.
BCPT has bottomed out nicely after it's recent incredible rally, and put in a double bottom. We had a breakout, and the price action formed a nice bull flag (in orange), which should take us higher soon, in my opinion.
The retrace of the recent breakout found nice support on the 50% retrace (not seen on the chart), and the EMA 50 (in purple). The price action is narrowing down, which should indicate a breakout to the up or downside soon. The Stoch RSI, which is indicating an oversold position, and the bull flag make me think that we will break to the upside.
I have identified 4 targets, which represent former levels of support/resistance.
Target 1: 0.000117 (this would also roughly be the target for the bull flag)
Target 2: 0.000133
Target 3: 0.000143
Target 4: 0.000149 (ATH)
If we can repeat last week's rally, that would mean a profit of around 60%
You could either enter now, or wait for a breakout above the bull flag and the previous high.
I would set a stop loss below the EMA 50, or below the flag.
Good luck trading!
this is my first post on TradingView.
BCPT has bottomed out nicely after it's recent incredible rally, and put in a double bottom. We had a breakout, and the price action formed a nice bull flag (in orange), which should take us higher soon, in my opinion.
The retrace of the recent breakout found nice support on the 50% retrace (not seen on the chart), and the EMA 50 (in purple). The price action is narrowing down, which should indicate a breakout to the up or downside soon. The Stoch RSI, which is indicating an oversold position, and the bull flag make me think that we will break to the upside.
I have identified 4 targets, which represent former levels of support/resistance.
Target 1: 0.000117 (this would also roughly be the target for the bull flag)
Target 2: 0.000133
Target 3: 0.000143
Target 4: 0.000149 (ATH)
If we can repeat last week's rally, that would mean a profit of around 60%
You could either enter now, or wait for a breakout above the bull flag and the previous high.
I would set a stop loss below the EMA 50, or below the flag.
Good luck trading!
Trade active:
So we have a nice breakout of the flag!
Confirmed on the 1 hour chart.
Let's see if we can reach target 1 now.
Confirmed on the 1 hour chart.
Let's see if we can reach target 1 now.
Comment:
We have a nice pullback, and the price action is forming a falling wedge, which could lead to a break to the upside again.
We are between the 50% and 61.8% retrace now - the price could drop even a bit further to around 9540 sats (that would be -61.8%), but it also just might stabilizere here, so I think it is already at a good level to buy.
The Stock RSI shows that we are oversold again, so a break might happen soon.
We are between the 50% and 61.8% retrace now - the price could drop even a bit further to around 9540 sats (that would be -61.8%), but it also just might stabilizere here, so I think it is already at a good level to buy.
The Stock RSI shows that we are oversold again, so a break might happen soon.
Comment:
So at the moment it looks like we are running a bit out of steam here - altough that can change quickly, as we all now.
We are hovering around the 50% retrace of the recent rally.
I will set a stop loss just below the 61.8% retrace, because if we break that, I think we will revisit the 8100 Satoshi area, where we started the rally from.
We are hovering around the 50% retrace of the recent rally.
I will set a stop loss just below the 61.8% retrace, because if we break that, I think we will revisit the 8100 Satoshi area, where we started the rally from.
Comment:
It's interesting that both the EMA 50 (in purple) and the EMA 200 (in blue) are also exactly at the 50% retrace at the moment, obviously making this level very significant.
Trade closed: stop reached:
Got stopped out.
Let's see where the bottom is.
Let's see where the bottom is.
Well, almost. 39 Satoshis short ;)
It's always a good idea to take profit a little before the target, and that's what I did.
I intend to buy back my position at a 50% retrace, and then hopefully continue to target 2.