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

BINANCE:BCPTBTC   BlockMason Credit Protocol / Bitcoin
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!
Perdagangan aktif: 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.
Komen: 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.
Komen: 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.
Komen: 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.

Komen: 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.
Perdagangan tutup: hentian tercapai: Got stopped out.
Let's see where the bottom is.
Nice try
CryptoCow TradingStatistics
@TradingStatistics, Thank you!
Is the trade still active?
@AnsAkk, Not for me, I got stopped out. And for you?
Waiting for anoter entry now. With Bitcoin crashing, this might also go down further.
@AnsAkk, Nice breakout today :)
AnsAkk CryptoCow
@CryptoCow, I jumped out to LTC when started to fall down. Note sure I wanna jump back again to BCPT. Never got luck with it at all so far but then again the whole market is going crazy! we'll keep watching!
Good one. Missed target 1!:(
Where is the 50% retrace in terms of price?
@AnsAkk, Actually we are now at around the 61.8% retrace, so if you buy now, you get an even better price :)
I bought back 50% of my position at the 50% retrace (at 10300), and the other 50% just now.
Good luck!
AnsAkk CryptoCow
@CryptoCow, Thanks! I did the same earlier at 50% at 10200 and thinking of another 50% now at 9800.
Do you recommend a stop lost ?
@AnsAkk, I don't do stop losses very often, because in crypto they can be dangerous, imo. Sometimes you have a long wick to the downside, liquidating stop losses, before it turns to the upside.
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.
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