BICO with the election hype
Hello, fellow traders!
I never thought I'd post about BICO again but here it is.
For the last 5 days, BICO attempted the breakout three times.
Last two times failed, price being unable to sustain above the resistance line.
Two consecutive failures mean that the seller pressure is still strong, but I decided to keep watching since the third breakout might happen with the election today.
And there you finally have it! BICO on its THIRD attempt.
BICO is now above 0.25 and with this exceptional volume spike and the promising outcome of the election, it might start rallying very soon. However, don't get too excited- we still have some steps left to confirm the uptrend.
We want one of these two scenarios to happen:
1. Rebound near the resistance line (red line)
2. Rebound at the demand zone (red box)
If we see both, that's even better.
Then we will feel confident enough to enter.
I never thought I'd post about BICO again but here it is.
For the last 5 days, BICO attempted the breakout three times.
Last two times failed, price being unable to sustain above the resistance line.
Two consecutive failures mean that the seller pressure is still strong, but I decided to keep watching since the third breakout might happen with the election today.
And there you finally have it! BICO on its THIRD attempt.
BICO is now above 0.25 and with this exceptional volume spike and the promising outcome of the election, it might start rallying very soon. However, don't get too excited- we still have some steps left to confirm the uptrend.
We want one of these two scenarios to happen:
1. Rebound near the resistance line (red line)
2. Rebound at the demand zone (red box)
If we see both, that's even better.
Then we will feel confident enough to enter.
ملاحظة
BICO is looking strong right now.
ملاحظة
Next possible entry
ملاحظة
I've adjusted the resistance zone based on the price movements. The price is showing rebounds and the trend is still strong - we might see a strong breakout of 0.2670 in near future with the right cause.
However, always keep in mind the opposite. We should remember that BICO has a strong seller pressure.
Though the third breakout was enough to withstand the initial pressure, there are still chances that it might be pushed back eventually.
If the price is able to breakout at 0.2670 again, then we might expect a strong uptrend. The price is currently consolidating, let us see what happens.
NEVER predict. Always enter after confirmation.
ملاحظة
ملاحظة
I've added more detailed picture for BICO.
Red dotted line represents resistance of the larger downtrend channel in the daily chart.
Purple line represents support of the temporary uptrend channel in the hourly chart.
Horizontal blue dashed line represents 0.2670 level which is key resistance.
إخلاء المسؤولية
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