Retrospective look at $BCRX:
1. Gap down to lower low aligning with oversold signal on RSI (Blue Circle).
2. Continued downtrend forming Descending Triangle (Pink Dashed) following hypotenuse resistance line and flat support line.
3. Double bottom then forms (Green Box & Dotted Line and Orange Arrow) within the converging trendlines.
4. Simultaneous bullish signal on the RSI indicator (Blue Dotted Line).
5. Breakout over resistance trendline with large volume (Blue Volume Circle)
6. RR 1.2:1 take profit could have captured initial move (Long position).
Easier to spot now it's happened!
Hope this will add to my (and potentially others) knowledge/experience.
Any comments appreciated
*Not financial advice*
1. Gap down to lower low aligning with oversold signal on RSI (Blue Circle).
2. Continued downtrend forming Descending Triangle (Pink Dashed) following hypotenuse resistance line and flat support line.
3. Double bottom then forms (Green Box & Dotted Line and Orange Arrow) within the converging trendlines.
4. Simultaneous bullish signal on the RSI indicator (Blue Dotted Line).
5. Breakout over resistance trendline with large volume (Blue Volume Circle)
6. RR 1.2:1 take profit could have captured initial move (Long position).
Easier to spot now it's happened!
Hope this will add to my (and potentially others) knowledge/experience.
Any comments appreciated
*Not financial advice*