LA_Designer

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.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.