BIT Charting, page-1290

@Thaliat

This stock is shaping up in very similar patterns to a few other Bio's I'm charting (EYE NEU) where after a fantastic spike the SP is just trading sideways in a very tight pattern. Like to call it the "Michael Jackson" pattern.



Personally I love the way it's respecting both the upper and lower bollies perfectly bouncing of both. Now it's important to note that after such a big spike from 3 cents to 12 cents the SP once the SP tops out, it has 2 choices. It can either retrace heavily like the bulk of stocks or it can consolidate by trading sideways which is what has happened here with BIT. Now obviously the second scenario is preferred as it proves the strength of demand and that there is very little selling off. Very positive signals.

Key things to watch for IMO are spikes outside of bollie bands. Obviously upper bollie is bullish lower bollie is bearish. And key resistance is at 12 cents and key support at .086.



So enjoy this period Thaliat, there's not much more I can add in this sideways action until it breaks either way. Other things that may give you a signal that things are happening is a strong increase in volume or a change in that MACD indicator. (you really want that yellow crossing above the red and both heading higher for the next move to be bullish).

Cheers