BITCF has been consolidating since the first historic boom up to almost .90. As you can see there are two major trendlines, down and up, since the beginning, and since the peak. This looks like a long term bullish indicator as price has been consolidating during an upward trend.
Price has broke above the pattern on the 1 day chart, and we see 2 strong bullish candles. The price is testing very strong resistance levels at the 50% and 61.8% Fib ratios of .46 and above. If we can see BITCF close above .47, this may be indicator to open long trade.
Currently the price has broken well above the MACD lines, and looks to continue if BTC continues to do well. The two are related, as BITCF is one of the top 3 companies to fund the hemp industry using Bitcoins.
Keep a close eye on these reistance levels. If broken, we should see an upward trend to 80%-100% previous highs. Use indicators as confirmations.
*Keep in mind, this was updated on 1 day charts, which takes time to come to fruition. I will open a trade if price goes above .47 with a strong close, and set a stop below the next Fibonacci level downward at .35. I have already invested buying in at .35 for long term in this, so I like to keep an eye on it.
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We findourselves up 22% for the day with a buy in of $.47, with a slight retrace on the way. Either cash out with a good profit now, or wait to see if we can hit our extension levels!
I have made 33% for this one trade, as I opened it earlier, so I have cashed out 40%.
Trade closed: target reached
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Sold at $1.00. Looking at profit taking retracements. Good buy opportunities present themselves at .72 (50%), .65 (61.8%), and if pattern behaves like first wave .51 (78%), although some would consider this institutional failure. Time to take some calculated risks!
@Murderousspartan, I wish I woulda been smart enough to put a LOW limit in right after the SEC freeze. However, looks to be consolidating as far as trends go. Could do for quite some time. Unless there is some major news, we will wait to see what pattern develops from here on out.