@ThaliatGees mate, you've asked me to have a look after a tough day, holders are going to nail me to a cross.
So BIT.
Just a quick overview on a weekly chart since the 20bag spike of 2018. You can see that it's showed some promise in certain times (obviously news related) but over the years has worked it's way back to basically basecamp of that original enormous spike. (they all seem to and I could show you many other examples, BSX, TSO, IMU)
Coming back to the nitty gritty of the daily and it looks like yesterday was a tough one losing 15%, something must have been announced that the market rejected. It's a shame as the SP was tracking ok prior to that. I've identified where there was an entry signal by the first 2 blue circles where the SP closed above the bollie median on volume in conjunction with MACD crossing positively but also the exit signals where the SO closed below the 8ema and bollie median in conjunction with MACD crossing negatively. Had anyone followed that system they would have avoided yesterdays big spill.
The 2 red circles are obvious sell signals. Guys long wicks above bollie bands that far is a classic take profits alarm as you can see that both times the SP came back to breakout point a few days later.
(sorry, I'm talking like a pure trader, can't help it)
So where to from here?
Well I like the way it came down to tag the lower bollie yesterday but because it closed on the low of the day, this indicates that it may have further to fall come Monday. Now I don't know the content of what was announced but if it can be determined that it was a bit of an over-reaction then there may be an entry signal printed.
Just like I've explained that a sell signal is the large wicks above bollie bands well a buy signal is a wick below bollie bands. So you will need to see how Monday plays for conformation but if there's further selling off then at some stage the astute watching on smaller time frames are going to identify when sellers are exhausted and take a position.
But seriously for longer holders, you're just going to need to wait and see where this settles after a few sessions as candles like yesterdays really throw a chart about.
The weekly still looks ok even with yesterdays close. If it can hold .026 and bounce off that would be ideal but will need to see. MACD is still positive.
This is the bit that worries me that there is further to fall. See in yesterdays trading analysis there was big volume at the low of .027. Indicates that selling mighten have finished.
Anyway, hope some of my rubbish might assist somewhere. After yesterday's fall it's tough to paint a pretty picture but I'm just demonstrating it as I see it.
All the best.
Cheers
