Bottom fishing was at 0.095 where the price can't break the support. Congrats to those catches at bottom. If the momentum is strong, can consider to buy and can take profit at any fibo level.
P/s: This is not Buy/ Sell call. Please due diligence before entering any trades. Trading can incur partial / full loss. Outmost cautious need to be observed when investing...
BIOHLDG found resistance at Fibonacci 2.618 and plunged down 61.8% from the entire upside movement from June 2020 for a pullback. The entire correction could have ended here as we can see technically on RSI oversold condition and the price currently rebounded on the uptrend line from Mar 2020. Our upside target is at 0.46. On the opposite scenario, price movement...
Daily TF :
1. We see accumulation.
2. Price close above EMA6.
1H TF :
3. MidBB Cross EMA50
4. Price testing MidBB+EMA.
Why not enter yet?
Because there is still now bullish divergence. Wait until the market shows the way.
Look for buying opportunities if there are reversal candle, double bottom or price compression at support level. To be safe wait until price breakout TL and entry when price retest back. SL after break support and TP at nearest resistant .
**Disclaimer: This is not a buy call but for learning purpose.
Technical analysis
Resistance breakout with high volume
RSI moving toward overbought area
MACD multi-timeframe above centerline
EMA wave moves toward upper direction
Trading idea
Entry price: 0.320/0.325
Cut loss: 0.305
TP1: 0.340
TP2: 0.370
(0179) BIOHLDG
- 4 months sideways without trend violation.
- Breakout from its trigger resistant.
- Double top resistant a challenge before a breakout higher high to continue the long term uptrend cycle.
- Downside risk remain at the trigger resistant turn support.
If manage to break above 0.315 and close above it, will likely continue to break-out above 0.350. Volume looks good on last Friday pushing to break the volume (14). But watch-out for the hidden divergence of possible downtrend.
