BCPT has formed a nice uptrend channel (in yellow). We are moving slowly, but steadily upwards. Volume is not very convincing yet, but constant.
Supports and resistances (=targets) are the red horizontal lines on my chart.
If we can remain in the uptrend channel, we could hit the first target of around 7,500 satoshis in around 5 days from now. This is a conservative target - if we can gain some real momentum and see higher volume, we could get there much faster, and also get much higher.
As you can see, however, we are exactly at a major resistance atm, at around 6,500 sats. We need to break this level first.
A retrace from here to the downside of the channel could very well happen, in which case it would be a good opportunity to buy some BCPT, if you are not in a position already.
A break to the downside of the uptrend channel could bring us to the support at around 5,800 sats.
Therefore, I have set a stop loss just below the downtrend channel (at 6,180 sats), and that's what I would recommend.
Good luck trading.
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We have failed to break the 6500 resistance yet, but we also haven't broken the uptrend channel yet.
Let's see what the next attempt brings.
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Well, thanks to BTC rallying we fell out of the channel, but quickly got back again. Hopefully we can stay inside.
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We're having a really hard time here to keep up with the BTC rallies.
We fell out of the channel, and confirmed it now as resistance (on the 1 hour chart). Let's see if we can get back inside soon.
Order cancelled
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Trade cancelled for now, I will re-evaluate after the BTC correction is over.