CryptoCow
Long

BlockMason Credit Protocol - ready to lift off again? (BCPT)

BINANCE:BCPTBTC   BlockMason Credit Protocol / Bitcoin
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!
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.
Comment: Target 1 reached.
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.
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.
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.

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.
Nice try
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CryptoCow TradingStatistics
@TradingStatistics, Thank you!
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Is the trade still active?
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@AnsAkk, Not for me, I got stopped out. And for you?
Waiting for anoter entry now. With Bitcoin crashing, this might also go down further.
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@AnsAkk, Nice breakout today :)
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AnsAkk CryptoCow
@CryptoCow, I jumped out to LTC when started to fall down. Note sure I wanna jump back again to BCPT. Never got luck with it at all so far but then again the whole market is going crazy! we'll keep watching!
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Good one. Missed target 1!:(
Where is the 50% retrace in terms of price?
Thanks
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@AnsAkk, Actually we are now at around the 61.8% retrace, so if you buy now, you get an even better price :)
I bought back 50% of my position at the 50% retrace (at 10300), and the other 50% just now.
Good luck!
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AnsAkk CryptoCow
@CryptoCow, Thanks! I did the same earlier at 50% at 10200 and thinking of another 50% now at 9800.
Do you recommend a stop lost ?
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@AnsAkk, I don't do stop losses very often, because in crypto they can be dangerous, imo. Sometimes you have a long wick to the downside, liquidating stop losses, before it turns to the upside.
That being said, you can do a stop loss, I just wouldn't recommend them to be very tight. Maybe 3% under the last support.
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