Long
Update on BCPT
Hi guys! I adjusted my previous chart slightly because the price was moving quicker than anticipated. As you can see I have moved wave 4 to the left to line up better with the current price action. I also adjusted my buy in price indicated by the green rectangle. We hit resistance yesterday and have been traveling down since. My target begins at the 50% fibonacci retracement and extends to the 61.8% level. The bold orange line represents the 55 ema which is rising perfectly to add support to the indicated price target. Because of the power of the 55 ema we should see it act as support. If however we break below the 55 ema, the next support would be at the bottom of the green rectangle which is the 61.8% line and also the top of wave 1.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.