Looking back over the last year or so BCY has had a rocky road with a lot of hard drops. I picked five of the deepest sell wicks to establish my trendline, and it seemed really solid until just recently. The break of this trendline seems to me to be people losing patience with it and looking to get into something else that is going to move in the more immediate future. it also appears that a new trendline may be forming with one spike coming up to hit the previously established trendline. I wouldnt say it is a buy yet, but if this ascending triangle formed by the previous trend and the potential new trend continues to fill (as I sketched) I would expect an easy up from there to retest the 30,000 sat level of hard resistance. the Stoch RSI indicates it is in the over sold range so as it starts to curl back up keep an eye on the price. The volume seems to be leveling out as well and could soon begin to come up again too.
Comment:
The potential trendline looks to have failed. Looking at the capitulation spikes in the last couple days, I would expect a drop down to 8000 which held through the spikes. A similar drop that BNT just experienced, with the capitulation spikes going down to 50,000.