Our next token requires no further introduction, it is NONE OTHER THAN….!!!! BIKI 🔥🔥🔥 With retrospect to the declining Bitcoin price as of late (as predicted in our very first posting), the outlook for our native token has actually been positive! The Biki token is currently on a bull-run, making over 25% gainz just over the past week.
Increasing number of projects listed on BiKi Exchange
With over 10 projects being listed on BiKi Exchange over the past month, it is inevitable to see a rise in influx of traders on our platform. This could have also directly resulted in a higher usage of BIKI tokens, due to it’s attractive intrinsic utility to reduce our already low trading fees;)
For BiKi exchange, the trading fees is 0.15%, which is below the industry average (arguably around 0.25%) and thus a competitive advantage for this platform.
Since BIKI tokens have been around since 2018, we can gain a very holistic view based on the mature cycle of its price action. On weekly, we can see:
- Price has strongly rejected off a very visible resistance-turned-support zone, with the previous rejection closing as a bullish engulfing pattern.
- 17 & 50 EMAs are still pointing downwards and widening, indicating that there is still a strong bearish momentum.
- Bearish trend-line formed since mid-May has been clearly broken.
- New active bullish trend-line is formed (Higher High, Higher Lows).
- Gap between 17 & 50 EMAs narrowing, indicating a possible change in momentum soon.
- Taking the previous low to high, we can see that price rejected nicely off the fibo zone, and has now over-extended past 161.8 level.
- Price has broken a previous Support-turned-Resistance, now possibly can act as a Resistance-turned-Support for any incoming price retest.
Now we take a look at H4, and MANY confluences are starting to come together…:
- 17 & 50 EMAs have made the ‘golden cross’.
- Taking the new fibo from the most recent low to the current high, we see that key fibo zone(61.8-78.6 retracement level) coincides exactly with possible Resistance-turned-Support.
- We can see that it is also possible for the future retest to tap the bullish trend-line, creating multitudes of confluences.
- Possible take-profit target(-27.2 fibo extension) coincides with Major Resistance zone.
Staying unbiased, and purely from a technical standpoint, there is a HUGE opportunity to long BIKI/USDT in the very near future. As explained during the multi-timeframe analysis, there are a whopping total of 5 confluences/reasons to show that this is a great long opportunity.
Once again as taught in our BXTB/USDT trade analysis (prediction played out as well), we switch to linechart to find the level that caused the most number of ‘kinks’, which gives us the level entry point of 0.03890.
An idea scenario would be the one above:
- Price may go slightly below entry point to tap on the trend-line(viewed as a fake breakout), but eventually still bounces back up and rally towards take profit level.
- Set your own stop-loss and profit levels accordingly, most importantly giving a good Risk-to-Reward Ratio.
Disclaimer: The above does not constitute as investment advice. Do note that trading cryptocurrencies (or any other financial market) involves substantial risk, and there will be a potential for loss. Your trading results may vary. Please practice the proper risk management to avoid risks of approaching account zeroing and liquidation.