Hello, traders!
I've posted a lot about BICO lately, and this will be my final remark for this cryptocurrency.
BICO is about a year old, its ATH was 0.9877 USDT on April 1st when it continued to decline ever since.
BICO's average daily volume was very low for last few months, being approx. 5M USDT.
However the volume from October 30th to November 4th (yesterday) was 456M in total. This is average volume of 76M a day.
With this exceptional rise of volume, BICO is attempting to escape months old resistance line of the downtrend.
Looking at the 1H chart, we see more details of the current movement: the crypto had two breakouts, both failing to sustain above the resistance line. This tells us that the sellers are still in charge - despite the promising volume spike, price failed to remain above the line longer than 24 hours, not once but twice.
BICO's selling pressure still being high, there are two scenarios we can expect:
1. BICO remaining in consolidation for another breakout attempt. If current attempts are fueled with upcoming US election (and interest rate announcement), it might succeed in its third attempt. If this is the case, I will wait for the third breakout, confirm the uptrend with (1) rebound at the resistance line and (2) break of structure at 0.2529. Normally, I don't put much hope for any crypto or stock that shoots for the third attempt, but I'll give it a try since the US election is just about to happen.
2. BICO continuing the downtrend after two failed attempts. You will see a orange line in the chart at price of 0.2106. This price has acted as a key support level for past few days. If you go further back in the past, you will also notice this price had numerous occasions of price action. The level has acted as a solid support after the first breakout. You can see two strong rebounds as the price reached this level. It is still working as a support after the second breakout, though it is a lot weaker.
If the price drops below the level, I think the third breakout is far less likely to happen. I'm not going to say it is impossible (considering the election) but I'd lean towards the SHORT opportunities more. If the price drops below 0.2, I think that's a valid sign for a continued downtrend.
Let's see how it turns out!
I've posted a lot about BICO lately, and this will be my final remark for this cryptocurrency.
BICO is about a year old, its ATH was 0.9877 USDT on April 1st when it continued to decline ever since.
BICO's average daily volume was very low for last few months, being approx. 5M USDT.
However the volume from October 30th to November 4th (yesterday) was 456M in total. This is average volume of 76M a day.
With this exceptional rise of volume, BICO is attempting to escape months old resistance line of the downtrend.
Looking at the 1H chart, we see more details of the current movement: the crypto had two breakouts, both failing to sustain above the resistance line. This tells us that the sellers are still in charge - despite the promising volume spike, price failed to remain above the line longer than 24 hours, not once but twice.
BICO's selling pressure still being high, there are two scenarios we can expect:
1. BICO remaining in consolidation for another breakout attempt. If current attempts are fueled with upcoming US election (and interest rate announcement), it might succeed in its third attempt. If this is the case, I will wait for the third breakout, confirm the uptrend with (1) rebound at the resistance line and (2) break of structure at 0.2529. Normally, I don't put much hope for any crypto or stock that shoots for the third attempt, but I'll give it a try since the US election is just about to happen.
2. BICO continuing the downtrend after two failed attempts. You will see a orange line in the chart at price of 0.2106. This price has acted as a key support level for past few days. If you go further back in the past, you will also notice this price had numerous occasions of price action. The level has acted as a solid support after the first breakout. You can see two strong rebounds as the price reached this level. It is still working as a support after the second breakout, though it is a lot weaker.
If the price drops below the level, I think the third breakout is far less likely to happen. I'm not going to say it is impossible (considering the election) but I'd lean towards the SHORT opportunities more. If the price drops below 0.2, I think that's a valid sign for a continued downtrend.
Let's see how it turns out!
Not
We currently see the similar pattern from the second breakout.
Price yet giving up on an uptrend, creating a consolidation below the resistance line.
Not
BICO's third attempt as BTC rallies.
Not
BICO shooting for that third breakout!
Not
BICO close to 0.24 right now with BTC on its side. The volume, however, is not looking too good for now.
İşlem aktif
With BTC reaching over 72k with strong uptrend and BICO attempting the third breakout, I am keeping my eyes on BICO again.With Trump being ahead in the election, markets are getting excited.
If you've already enetered LONG for BICO, I'd exit at 2450.
BICO might encounter heavy resistance at 0.2500 and drop back or it might actually succeed this time - with the promising election results.
Keep in mind to always make sure to enter AFTER you confirm the trend or reversal. Watching chart all day can be very stressful.
Not
Not
BICO on an aggressive uptrend as BTC makes record high
God bless you :)
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
God bless you :)
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.