this is my first post on TradingView.
BCPT has bottomed out nicely after it's recent incredible rally, and put in a . We had a breakout, and the price action formed a nice (in orange), which should take us higher soon, in my opinion.
The retrace of the recent breakout found nice support on the 50% retrace (not seen on the chart), and the 50 (in purple). The price action is narrowing down, which should indicate a breakout to the up or downside soon. The , which is indicating an oversold position, and the make me think that we will break to the upside.
I have identified 4 targets, which represent former levels of .
Target 1: 0.000117 (this would also roughly be the target for the )
Target 2: 0.000133
Target 3: 0.000143
Target 4: 0.000149 ( ATH )
If we can repeat last week's rally, that would mean a profit of around 60%
You could either enter now, or wait for a breakout above the and the previous high.
I would set a stop loss below the 50, or below the flag.
Good luck trading!
Confirmed on the 1 hour chart.
Let's see if we can reach target 1 now.
Well, almost. 39 Satoshis short ;)
It's always a good idea to take profit a little before the target, and that's what I did.
I intend to buy back my position at a 50% retrace, and then hopefully continue to target 2.
We are between the 50% and 61.8% retrace now - the price could drop even a bit further to around 9540 sats (that would be -61.8%), but it also just might stabilizere here, so I think it is already at a good level to buy.
The Stock RSI shows that we are oversold again, so a break might happen soon.
We are hovering around the 50% retrace of the recent rally.
I will set a stop loss just below the 61.8% retrace, because if we break that, I think we will revisit the 8100 Satoshi area, where we started the rally from.
Let's see where the bottom is.
Waiting for anoter entry now. With Bitcoin crashing, this might also go down further.
I bought back 50% of my position at the 50% retrace (at 10300), and the other 50% just now.
Do you recommend a stop lost ?
That being said, you can do a stop loss, I just wouldn't recommend them to be very tight. Maybe 3% under the last support.