Long Bico to .32 Cents

stewdamus Updated   
Happy Thanksgiving American Friends. I still do expect a holiday weekend pump though we have not gotten as much of a pullback as I had expected to precede this expected pump. For this reason, I have been picking altcoins to go long on that have either not pumped hard yet or have found good support and still have targets to reach.

One such coin appears to be BICO. Though it did spike upwards and wicked into the target area that I had drawn for this inverse Head and Shoulders pattern several months ago, I expect coins to remain in that target area once reached for at least a few days before dropping or proceeding further. For this reason, I think BICO will move towards this target area yet again.

Additional incentives for entering here include the facts that:
  • It has found good support on a big area of confluence which include the 200 day sma, the 50 day sma, and the neckline of the inverse h&s
  • It has also found its support on the RSI which acts both as support and shows us some hidden bullish divergence from origin of the trendline

I have entered BICO at .2572 with a target of .32, a SL of .23 and a r/r ratio of 2.2

None of this should be construed at fin advice. This is all for your entertainment.

Trade active:
Took half off for profit at 29 cents and moved my stops up. All profit now.
Trade closed: target reached:
I set my sell target at my level of .3137 drawn on that chart. As soon as we tagged it, I sold my remaining position in BICO for 22% profit.
Trade closed: target reached

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