BICOUSD Three-Year Consolidation
BICOnomy has been consolidating for the last three years. Potential breakout within the next week or two.
Not financial advice.
BICOUSD trade ideas
BICO USD UP Heading to the Moon?🚀 BICO Technical Analysis: Heading to the Moon?
BICO is showing a strong rally of +12.20%, breaking above the short-term moving average and moving toward the upper Bollinger band, indicating bullish momentum. The bullish crossover in the MACD confirms increasing positive momentum.
Key Levels
Resistance: $0.40 (immediate psychological level) and $0.48 (upper band and next target).
Support: $0.34 (critical zone in case of a pullback).
If the price breaks $0.40 with volume, it could reach $0.48. Otherwise, consolidation or a drop toward $0.34 is possible. Volume behavior will be key to confirming the move.
BICO: Has it Bottomed Out?After a massive rally, BICO collapsed 75% from the top within a week of its release.
There are a couple scenarios that could play out here:
Bullish scenario: The upper trend line breaks and BICO reverses to the upside toward $10+ as its next target.
Bearish scenario: The local support area breaks down (shaded rectangle) and we see prices between $3 - $5.
This is not financial advice. These are just my ideas and opinions.
Long Bico to .32 CentsHappy Thanksgiving American Friends. I still do expect a holiday weekend pump though we have not gotten as much of a pullback as I had expected to precede this expected pump. For this reason, I have been picking altcoins to go long on that have either not pumped hard yet or have found good support and still have targets to reach.
One such coin appears to be BICO. Though it did spike upwards and wicked into the target area that I had drawn for this inverse Head and Shoulders pattern several months ago, I expect coins to remain in that target area once reached for at least a few days before dropping or proceeding further. For this reason, I think BICO will move towards this target area yet again.
Additional incentives for entering here include the facts that:
It has found good support on a big area of confluence which include the 200 day sma, the 50 day sma, and the neckline of the inverse h&s
It has also found its support on the RSI which acts both as support and shows us some hidden bullish divergence from origin of the trendline
I have entered BICO at .2572 with a target of .32, a SL of .23 and a r/r ratio of 2.2
None of this should be construed at fin advice. This is all for your entertainment.
Best,
Stewdamus
BICOUSD Massive pump but buy on the next pullbackBICOUSD is having a strong push that naturally turned the 1D technical outlook overbought (RSI = 75.371, MACD = 0.002, ADX = 39.812). By doing so it hit the 1D MA200 for the first time in almost five months. We are not buying into this pump yet as the 1W MA50 looms (rejected the April 8th high) as well as the Resistance Zone. The 1D MACD is below 0, suggesting that there is still high upside potential, so we will buy after a rejection near 0.2500 and target the top of the Falling Wedge (TP = 0.3500).
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BICOUSD Don't be fooled. No bullish break out yet.BICOUSD/ Biconomy is having a strong day but as the price got rejected on Fibonacci 0.618, don't commit into buying long term.
The pattern looks a lot like the June-August when a Fibonacci 0.5 rejection caused a drop and test of the lower Support level.
The current rejection targets 0.27000. If the price closes above the 0.5500 High, we will get the bullish break out validation and target 0.7675 (Resistance A).
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Biconomy (BICO) - Bullish divergenceOn the above 1-day chart price action has collapsed 90% since early December. Now is an excellent moment to be bullish. Why?
1) The ‘incredible buy’ signal prints.
2) Regular bullish divergence. Lower lows in price action as oscillators print higher lows.
Is it possible price action falls further? For sure.
Is it probable? No.
Good luck.
Ww
BICO - great "outside of Top 100" pickBiconomy is a multichain relayer protocol that aims to improve the user onboarding and transaction experience on decentralized applications (DApps). The project’s declared goal is to make web3 products as intuitive and easy to use as web2 products.
One of my favourite pick outside of Top 100 (350 000 000 million market cap), but I don't think you will see it there in few months (maybe weeks).
Project is on market since 01/2021 and it went through all the stages of new coins. Strong pump, dump, capitulation, accumulation and gently recovery before next strong move.
When it comes to availability on CEX, it is great! Over 30 exchanges and almost all major one did list BICO (Binance, Coinbase, FTX, ByBit, Huobi, etc.)
BICO is currently 75% down from ATH.
They are backed by some big crypto funds like: Coinbase Ventures Portfolio, Binance Labs Potfolio, Fenbushi Capital Portfolio, etc. Visit their site for more.
Community is also very active on telegram and twitter which is good sign too.
On chart you can see support/resistance zones. Zoom out to see full price action.
Just to reach 0.618 retracement from ATH, gain from current price level would be 190%!
I started buying at approx. 4.5$ and continued to buy every dip as current one. I like risk/reward ratio at current price level.
