BlockMason (BCPT): + 180% profit potential: what to look out for
Updated
I got a request to check BCPT (BlockMason Credit Protocol)’s price and we are in for an interesting triangle again. BCPT has known incredible swings, reaching a high of 14858 sat (+366%) compared to Jan 1st, only to plummet catastrophically to 2469 sat (-83,3%), and all of this in less than 2 months.
At the moment, price seems to be stabilising around 5131 sat (the 78,6% Fibonacci retracement in blue).
This area seems to be acting as a strong support.
Moreover, the chart shows us a simple – almost symmetrical - triangle formation, and we are closing in! Having a strong support on the blue horizontal Fibonacci, back by an almost golden cross in the MACD (and if we look at the ETH chart here below, the cross is already there!), we just need RSI and Volume to creep up a bit and we are good to go.
BCPTETH chart on the daily - look at the golden cross in the MACD:
But before you pull the trigger, remember that triangles can be two edged swords, and we first want a confirmation of the triangle break-out before trading this one. In the meantime, feel free to speculate :-p
Note that the odds are in favour of the bulls for now, with a very bullish MACD, and an oversold RSI that will likely curve out to the moon.
Keep your patience in line a bit, and follow this BCPT closely if you want to trade here.
Remark: BCPT is still a small crypto, with a market cap of merely 24M and a volume of just under
1M (96 BTC); this low volume makes it vulnerable to pumping and dumping, which is also something you can see back in the charts, especially if you look on shorter time frames. You can either ignore that volatility completely, or take it into account e.g. If you buy this crypto, it makes sense to already put some sell orders somewhere at a price multiple (e.g. At +99% or so), because you will probably not be around when the pumping is happening (remember, it is pump, ànd dump – so these price spikes are only there for a couple of minutes). Setting a sell order up front can take advantage of this. In the meanwhile, you can wait for break-outs, especially if you like the fundamentals of this one.
Remark 2: This is a small crypto and still quite fresh from its "ICO", testing its "ATH" again is definitely a strong possibility (especially given the still low market cap).
Fundamental story worth checking out beforehand!
Here to serve :)
At the moment, price seems to be stabilising around 5131 sat (the 78,6% Fibonacci retracement in blue).
This area seems to be acting as a strong support.
Moreover, the chart shows us a simple – almost symmetrical - triangle formation, and we are closing in! Having a strong support on the blue horizontal Fibonacci, back by an almost golden cross in the MACD (and if we look at the ETH chart here below, the cross is already there!), we just need RSI and Volume to creep up a bit and we are good to go.
BCPTETH chart on the daily - look at the golden cross in the MACD:
But before you pull the trigger, remember that triangles can be two edged swords, and we first want a confirmation of the triangle break-out before trading this one. In the meantime, feel free to speculate :-p
Note that the odds are in favour of the bulls for now, with a very bullish MACD, and an oversold RSI that will likely curve out to the moon.
Keep your patience in line a bit, and follow this BCPT closely if you want to trade here.
Remark: BCPT is still a small crypto, with a market cap of merely 24M and a volume of just under
1M (96 BTC); this low volume makes it vulnerable to pumping and dumping, which is also something you can see back in the charts, especially if you look on shorter time frames. You can either ignore that volatility completely, or take it into account e.g. If you buy this crypto, it makes sense to already put some sell orders somewhere at a price multiple (e.g. At +99% or so), because you will probably not be around when the pumping is happening (remember, it is pump, ànd dump – so these price spikes are only there for a couple of minutes). Setting a sell order up front can take advantage of this. In the meanwhile, you can wait for break-outs, especially if you like the fundamentals of this one.Remark 2: This is a small crypto and still quite fresh from its "ICO", testing its "ATH" again is definitely a strong possibility (especially given the still low market cap).
Fundamental story worth checking out beforehand!
Here to serve :)
Note
Pay attention now as we are trying to break the upper resistance!MACD golden cross is being made right now, and we have our green candles at the right side of the graph!
Note
Houston, we have a break-out! Target = next Fibonacci resistance = 7218 sat.Note
Quick update: we have ourselves an amazing break-out and actually, for now, there is no real reason to exit already (apart from perhaps putting in some sell orders at higher levels, to take some profit).But as you can see here in each graph here below, the Heikin Ashis are still consistently green, no doji's or spinning tops. Not on the 1hourly chart, not on the 4-hourly, not on the daily, not on the weekly. You can wait for such a doji to start reassessing your positions in BCPT. You can go to the chart in Tradingview and click on the candle section and switch it to Heikin Ashi, it will be easy to follow up there when I'm not around ;)
1hour chart:
4hour chart:
1day chart:
weekly (you can even see the doji reversal indicator just before it)
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