So I started this thread when BIT was at 23c and was calling at 30c to RUN, RUN like your STOLE IT!
This is a realists TA thread so bullish rampers have no need to respond or read this.
So my calls are 7 out of 7 on BIT so far.
There it is once again, another bearish candle today, thats the 7th in 2 weeks
this time a long red lower bar with 3c body and 0.5c tail/wick with yet again close near daily lows,
daily chart was one long sell off all day in a steady lowering bear pattern
no reversal dragonfly dojis in sight
the bearish hangman and shooting stars were the tells and now long red bar candles as confirmation.
I warned at 20c-40c to watch the bearish candles and blowoff patterns,
the unsupported run 25-40-25 was the top and now stands out like a mountain top chart pattern.
I have repeatedly called for a 8-13c retrace back to support
The only hope for bulls is if 13-16 shows strong volume support but we saw that sharp dagger 18.5-14.5 -16.0 a few days back & today that support was broken to 13.5 so the support around 13-15 is unconvincing as I correctly called days ago. I correctly called the suckers rally of 26 October.
And after todays bearish candle I would expect more attacks on the 10-15 level to continue until we see the capitulation and flooring pattern at the new fair value point which may be around 8c-13c.
Remember market darling biotech AHZ, went from 2-18-5-1.3 (pre-consol) with FDA approvals and $40Mpa revenues, BIT is nowhere near AHZ on fundamentals.
I would stay out until the bottom becomes clear as its been a falling knife with bull traps galore.
BIT Price at posting:
14.0¢ Sentiment: Sell Disclosure: Not Held
