BPG - New Crypto Currency Exchange Seems our big seller(s) on...

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    BPG - New Crypto Currency Exchange

    Seems our big seller(s) on BPG has stopped selling (director's?) ... as yesterday was the 1st day of many recent days where those 15-20m share bombs that were dropped some like clockwork (usually around 3:40:03 pm) stopped dropping . So algo sell has been switched off?

    Personally directors generally are smart but not trading smart and very few can read markets or momentum well. Not as well as a person who trades full time and watches stocks all day everyday for instance. Directors simply don't have the time. Hence they trade in or out at what the perceive is a good time but it seldom is. They are also restricted or boxed in by blackout times where they cannot trade. So in this case I think they have mistimed/underestimated the following here:

    1. The scarcity of Crypto related stocks on the ASX
    2. The hunger for investors to invest in Crypto related stocks
    3. The "sexiness" of their Cyrpto Exchange story generally to investors

    Had they not sold into the market over the last week or so I think they would have "easily doubled their money in the the same time frame. But such is life.

    Now the chart is looking picture prefect for a strong rebound from here. We have been dropping since the high on 13th Nov and almost every day volume has been declining. There are less and less sellers willing to push the sell button as the price descends. This is absolute text book behavior for retrace during a rally, that is, decreasing volume and narrowing daily trade range each consecutive day once the sellers are exhausted (which may have already happened or is very near) then the buyers will need to bid up to get a fill. Hence the swing back north starts and is followed by others realize that their entry price target is unlikely to be hit. As I speak there are 178m shares on the buy side of queue (incl Chi-X) and 106m on the sell side. So a lot of unsatisfied demand appears to exist.

    So IMHO we are close to some consecutive green days for this stock how many and how far it will go is difficult to say at this time but potential break to a new high is a distinct possibility.
 
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