REPRINT___________
bIT --- now here is an interesting stock! This is a good trader - I have played it twice - and it is shaping up again. After 8 straight black candles, BIT found good support at $4.00 or so and has drifted for a week - when this happens, the key is to try and get into the stock again just before it starts to run again BIT is a classic! It is shaping up as a very strong technical buy - here's why--
1. On Wed. we had a strong white candle, but more important, the three candles M,T,W , formed a 3 river morning white star --- this is a possible bottom signal and is very bullish - you could buy the stock on this signal everytime and do very nicely trading.
2.On Thursday, the trading was a hammer candle, which is a bullish signal.
3. On Friday, the trading was a white candle, that was confirmation of the bullish hammer on Thursday - this means that the bullish hammer now has strong confirmation that the trend has turned.
4. And finally, the trading on Friday was also an engulfing bullish candle, which is a very strong buy signal.
5. The price is above the moving average, which is bullish.
So there you are -- Yes, BIT has reversed and is sending very strong bullish signals. BIT is going to take off this week -in my opinion- resistance will come in around $5.00, but a run to $6 or $7 would not surprise me, especially if this internet market stays together. Hope this helps and good trading.
From Sadie @ Stockhouse.com |
