$BICO — SHORT SETUP
$BICO is retesting a key supply and resistance zone after its latest recovery, but the upside momentum is beginning to weaken. Sellers are showing signs of absorbing buying pressure around this area, while buyers are struggling to push price higher.
Trading Plan — Short $BICO
Entry: 0.020 – 0.021
SL: 0.0220
TP1: 0.019
TP2: 0.018
TP3: 0.017
If this supply zone continues to reject price, BICO could rotate lower and revisit the liquidity sitting beneath the recent structure. A clean rejection from the entry zone would strengthen the bearish setup, while a decisive breakout above the SL area would invalidate the idea.
Manage position size carefully and avoid chasing the move after a sharp drop. Wait for proper confirmation and let price come to the setup.
DYOR (Do Your Own Research).
$BICO is retesting a key supply and resistance zone after its latest recovery, but the upside momentum is beginning to weaken. Sellers are showing signs of absorbing buying pressure around this area, while buyers are struggling to push price higher.
Trading Plan — Short $BICO
Entry: 0.020 – 0.021
SL: 0.0220
TP1: 0.019
TP2: 0.018
TP3: 0.017
If this supply zone continues to reject price, BICO could rotate lower and revisit the liquidity sitting beneath the recent structure. A clean rejection from the entry zone would strengthen the bearish setup, while a decisive breakout above the SL area would invalidate the idea.
Manage position size carefully and avoid chasing the move after a sharp drop. Wait for proper confirmation and let price come to the setup.
DYOR (Do Your Own Research).