BNGO Trading Strategy: Market Analysis and Profit Targets PART 2
BNGO offers a strong buying opportunity with an anticipated price surge.
Market Structure: The 2W chart reveals a completed bullish butterfly pattern XABCD.
The yellow circle highlights the three instances of price explosions.
Fibonacci Retracements:
* X to A at 0.786 for point B
* A to B ranging between 0.382 and 0.886 for point C
* X to A at 1.272 for point D, serving as the Stop Loss
* Stop Loss Range: between 1.272 and 1.41.
Profit Targets:
* 1TP (First Target Price): $14.46
* 2TP (Second Target Price): $20.35
* 3TP (Third Target Price): $27.16
* Final Target: $40
I've included an image of the monthly chart where the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) indicators are bullish. Notably, there have been three instances of bullish divergence coinciding with significant price increases. Currently, there's a bullish signal with the RedK EVERX crossing below -70 for the first time.
On the 2W chart, the RSI is showing a bullish crossover, and the MACD has already crossed, further supported by the RedK EVERX crossing below -70.
Risk Management: My strategy includes a structured plan for realizing profits at predetermined levels, which aids in managing risks and ensuring gains.
Personal Opinion: This is my viewpoint. I recommend others to consider taking profits in a staggered manner, according to the levels I have outlined.
Please note that this is a subjective analysis. Market conditions are prone to change unpredictably.
Traders should conduct their research and evaluate their risk tolerance before implementing any trading strategy.
Part 1:
Please be aware that this analysis represents my perspective and is not professional financial advice. I am not a financial advisor. Each individual should research thoroughly and consider all risks before making investment decisions. Markets are inherently unpredictable, so informed and cautious trading is always advisable.
Market Structure: The 2W chart reveals a completed bullish butterfly pattern XABCD.
The yellow circle highlights the three instances of price explosions.
Fibonacci Retracements:
* X to A at 0.786 for point B
* A to B ranging between 0.382 and 0.886 for point C
* X to A at 1.272 for point D, serving as the Stop Loss
* Stop Loss Range: between 1.272 and 1.41.
Profit Targets:
* 1TP (First Target Price): $14.46
* 2TP (Second Target Price): $20.35
* 3TP (Third Target Price): $27.16
* Final Target: $40
I've included an image of the monthly chart where the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) indicators are bullish. Notably, there have been three instances of bullish divergence coinciding with significant price increases. Currently, there's a bullish signal with the RedK EVERX crossing below -70 for the first time.
On the 2W chart, the RSI is showing a bullish crossover, and the MACD has already crossed, further supported by the RedK EVERX crossing below -70.
Risk Management: My strategy includes a structured plan for realizing profits at predetermined levels, which aids in managing risks and ensuring gains.
Personal Opinion: This is my viewpoint. I recommend others to consider taking profits in a staggered manner, according to the levels I have outlined.
Please note that this is a subjective analysis. Market conditions are prone to change unpredictably.
Traders should conduct their research and evaluate their risk tolerance before implementing any trading strategy.
Part 1:
Please be aware that this analysis represents my perspective and is not professional financial advice. I am not a financial advisor. Each individual should research thoroughly and consider all risks before making investment decisions. Markets are inherently unpredictable, so informed and cautious trading is always advisable.