BlockMason Credit Protocol - ready to lift off again? (BCPT)

Hello everyone,

this is my first post on TradingView.

BCPT has bottomed out nicely after it's recent incredible rally, and put in a double bottom. We had a breakout, and the price action formed a nice bull flag (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 EMA 50 (in purple). The price action is narrowing down, which should indicate a breakout to the up or downside soon. The Stoch RSI, which is indicating an oversold position, and the bull flag make me think that we will break to the upside.

I have identified 4 targets, which represent former levels of support/resistance.

Target 1: 0.000117 (this would also roughly be the target for the bull flag)
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 bull flag and the previous high.
I would set a stop loss below the EMA 50, or below the flag.

Good luck trading!

การซื้อขายยังคงดำเนินอยู่:

So we have a nice breakout of the flag!
Confirmed on the 1 hour chart.
Let's see if we can reach target 1 now.

ความคิดเห็น:

Target 1 reached.
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.

ความคิดเห็น:

We have a nice pullback, and the price action is forming a falling wedge, which could lead to a break to the upside again.

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.

ความคิดเห็น:

So at the moment it looks like we are running a bit out of steam here - altough that can change quickly, as we all now.

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.

ความคิดเห็น:

It's interesting that both the EMA 50 (in purple) and the EMA 200 (in blue) are also exactly at the 50% retrace at the moment, obviously making this level very significant.

ปิดการเทรด: ถึงเป้าหมายการตัดขาดทุน:

Got stopped out.
Let's see where the bottom is.