BICO: Has it Bottomed Out?

FTX:BICOUSD   Biconomy / USD
After a massive rally, BICO collapsed 75% from the top within a week of its release.

There are a couple scenarios that could play out here:

Bullish scenario: The upper trend line breaks and BICO reverses to the upside toward $10+ as its next target.

Bearish scenario: The local support area breaks down (shaded rectangle ) and we see prices between $3 - $5.

This is not financial advice. These are just my ideas and opinions.
Comment: Support has broken below $5.74. BICO could be heading below $5 soon if it cannot reverse.
Comment: Breakout.
Comment: BICO did breakout earlier, but fell right back to support. It must hold above $5.60.
Comment: BICO keeps making lower lows, which is not a good sign. As I mentioned in the comments below, it's like catching a falling knife. We don't have a clear bottom yet until it makes higher highs/lows.

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