Small cap crypto Biconomy (BICO) retraces to support zone
$BICO is a small cap cryptocurrency with a market capitalization of about $300 million ranking it at about #175 for market cap.
The recent rally last week drove BICO higher up near its previous high at $6.35. This week’s corrective dip in the crypto market has held $BICO down pushing it back to old support levels. Support levels are areas where sellers stop selling and buyers start buying. The support levels can be horizontal or slanted in a trend.
We have an upward sloping trend line covering the lows of December 20-24 and BICO has returned to this level.
Additionally, we have a horizontal support line from previous swing highs near $4.16. Earlier today, BICO reached a low of $4.28 and is acting like it may want to bounce.
If the current support zone holds up (blue circle), then BICO may rally back up near the old highs near $7.50 (yellow box).
The recent bullish action provides some clues that the market is wanting to respect these support zones.
Good luck out there!
The recent rally last week drove BICO higher up near its previous high at $6.35. This week’s corrective dip in the crypto market has held $BICO down pushing it back to old support levels. Support levels are areas where sellers stop selling and buyers start buying. The support levels can be horizontal or slanted in a trend.
We have an upward sloping trend line covering the lows of December 20-24 and BICO has returned to this level.
Additionally, we have a horizontal support line from previous swing highs near $4.16. Earlier today, BICO reached a low of $4.28 and is acting like it may want to bounce.
If the current support zone holds up (blue circle), then BICO may rally back up near the old highs near $7.50 (yellow box).
The recent bullish action provides some clues that the market is wanting to respect these support zones.
Good luck out there!
We are redefining signal groups with AI generated signals. Our bot scans the top 3000 coins/tokens by market capitalization alerting you to the strongest trends.
DM us for more information about the bot and our services.
DM us for more information about the bot and our services.
