BLRX 2/7/2020

Daily chart , initially price was in sideways range for 225 days between 1.17 - 2.34 areas. Price has since broke out of that range and has been bouncing between 2.34 - 3.07 areas. 2.34 price was resistance turned support area . Price has also been above & steadily supported by 200 MA, signaling the possibility of the start of an uptrend. We also have a golden cross on 12/15/2020 further signaling the bull strength in the market. In overall daily view, new price range of 2.34-3.07 has created an extended range for previous sideways market making it an overall sideways market of 519 days.
Currently, the price has broken out of the 519 day sideways trend. Another indication the bull strength is really strong here. Will zoom into the 1hr chart to see if we have a trade entry.

1HR chart- Looking at the chart in the hourly, we can see the obvious support level @ 2.34 & resistance @ 3.07 with a few over extensions most likely due to false breakout. On 1/28/2020 price made a move to resistance and bounced off but was caught by the 10ma. Price made a series of higher highs/lows into resistance of 3.07 until breakout. Price has since created a series of higher lows into new resistance level of 3.31. Price broke above 3.31 with a pullback turning resistance 3.31 into support. This is my entry signal. Buy @ 3.48 with Stop Loss of 3.17(-8.78%). Initial price target of 5.50 but will take into consideration support/resistance levels and MA respected along the way for a possible trailing StopLoss as well.
If stopped out of trade, will keep eye on price in case it bounces off 3.07.

Entry: 3.48
Stop Loss: 3.17
Initial Target: 5.50
Comment: Stop Loss: Updated to 3.75
Trade closed: stop reached: Stop Loss triggered @ 3.75 for 7.87% gain
Trade active: Re-entered trade at 3.60. Price is at support level and i believe there is still decent support for move up.

Entry: 3.60
Stop Loss: 3.40
Trade active: Stop loss updated to 3.09