BCPT after the rally in a correction and a clear falling wedge.
Prior Trend: Ideally, the falling wedge will form after an extended downtrend and mark the final low.
Upper Resistance Line: It takes at least two reaction highs to form the upper resistance line, ideally three. Each reaction high should be lower than the previous highs.
Lower Support Line: At least two reaction lows are required to form the lower support line. Each reaction low should be lower than the previous lows.
0.832 Fib we had our first high, 0.618 the second. 0.786 our third. Now it's a do or don't. As mostly, it's also BTC doing his part here. BCPT is promising group with it's first project LNDR that came out roughly 2 weeks ago.
On the 4h charts, the blue line crosses the orange one. RSI is still on the lower neutral end. Volume pretty low and rather a sideway story, a strong finish on the D chart above 0.786 Fib would be a good sign for a uptrend reversal.
5205 (blue line) is a strong support, if BCPT goes further down, I would check around 5200/5500 to get in a trade.
I am not a financial adviser and I am thankful for ideas and feedback, thank you!
Prior Trend: Ideally, the falling wedge will form after an extended downtrend and mark the final low.
Upper Resistance Line: It takes at least two reaction highs to form the upper resistance line, ideally three. Each reaction high should be lower than the previous highs.
Lower Support Line: At least two reaction lows are required to form the lower support line. Each reaction low should be lower than the previous lows.
0.832 Fib we had our first high, 0.618 the second. 0.786 our third. Now it's a do or don't. As mostly, it's also BTC doing his part here. BCPT is promising group with it's first project LNDR that came out roughly 2 weeks ago.
On the 4h charts, the blue line crosses the orange one. RSI is still on the lower neutral end. Volume pretty low and rather a sideway story, a strong finish on the D chart above 0.786 Fib would be a good sign for a uptrend reversal.
5205 (blue line) is a strong support, if BCPT goes further down, I would check around 5200/5500 to get in a trade.
I am not a financial adviser and I am thankful for ideas and feedback, thank you!
Trade active:
Well that was pretty accurate!
Will update within the next 24 hours when I have more data to work with
Will update within the next 24 hours when I have more data to work with