Blockmason Credit Protocol (BCPT) airdrop
FYI there is no referral bonus for this airdrop I am purely sharing this for reader benefit
As per the BCPT weekly update found here BCPT are giving away 500,000 BCPT tokens via https://airdropx.com/en/blockmason/ (Be sure to register for the other airdrop tokens provided by Airdropx while you're there!
Now onto the technical analysis
1D
The first important piece of information we gain from looking at the daily chart is that price is almost perfectly on the .786 Fibonacci line.
The .786 Fib almost always represents a good entry and as a bonus in BCPT's case happens to be sitting on a nice round psychological number of .00004 sats. At time of writing price is just above .000039 sats where I have made my own entry.
Having the convergence of a .786 Fib and a whole number together shows me this is a very likely area to become a support line (or resistance if price falls through!) Others may find this insignificant which is why you should always DYOR.
In addition we can see the strong bullish divergence that we will get into in more detail on the 4HR chart.
4HR
The green line in the image below represents bullish divergence. For those unaware divergence can be a reversal signal. Here's a small image showing the structure.
The gold lines show price in a falling wedge pattern. Fallen wedges usually break upwards. This pattern simply shows that there is a higher probability of price moving upwards.
The white lines show more clearly than on the 1D chart the steady increase in price momentum shown via the RSI that is providing us the bullish divergence.
UPDATE
Price fell through 3900 sats but has since rebounded possibly presenting us with a double bottom.
Still new to Steemit so any feedback or comments are welcome and appreciated. I genuinely hope you enjoyed my analysis. Please follow my twitter below for more charts!
-Twitter- twitter.com/TheTradingStoic
-LUX address- LhtZKGCddiNk1zDQ4K5L8iGhiw9U8fBDN5
-LTC address- LPQENauBS35f3hb5bX3Z83Qfqmo5UNbwmH
-Binance referral- https://www.binance.com/?ref=11165772
*I am not your financial advisor and this is not financial advice. DYOR
This is not ageing well but you are getting a much better entry now! Currently @ 3831 sats TA still stands.
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