I'll just say one more thing about the technical price action and what it says about BTX.
There is no retail investor strength showing up at the 3.80 or 3.70 support zone. Whoever or whatever short selling power that is selling BTX down made a Major win this week. today especially. If this is some kind of trading game to sell the stock down prior to a merger, theyre doing a great job. They are destroying the chart pattern from the whole year 2013, that began at a low zone around 3 dollars.....2.67 if you want to see the 2012 bottom. followed by a Great move to top at 5 dollars. The middle zone at 4 dollars is very important as a base line in the sand.
But we see price plunges to 3.36 and 3.50 as support zones for this year.
IF we were going to see a chart pattern showing bullish uptrending, coming off that great wave from 2.67 to 5 dollars, for that to continue, we need to see 4 dollar zone hold support and then the next upwave targets 6.50 area.
What pattern has taken place instead, is a Triangle and that triangle has been coming to a terminal point Now.
It still can become a bullish up wave BUT at some point the rally needs to take off.
When a chart develops a Triangle terminal , like we had these last several weeks, its a simple forecast....a Breakout has to happen in Some direction. The great move we saw from 3 to 5 dollars should suggest the next big move higher to target 6.50 area.
BUT instead,
What we just saw, was a fake out breakout higher , to 4.18 , followed by a whipsaw slam down this week, that began to shatter the bullish breakout. All it takes now, is the next wave down to retest 3.30-3.00 bottom zone.
Technical analysis now says, the support zone that failed at 3.80 and 3.70, now becomes hard resistance, where the next small bounce would Fail, and the next down wave will continue to collapse BTX down lower to retest 3.30 and 3 dollars.
Again I ask, Whats wrong with BTX.
Where are the investors to create bullish support? are they waiting for a retest of 3 dollars????
IF that happens, then the wave from 2.67 to 5 dollars was a RANGE not a bullish pattern. which would mean
I would need to sell the whole thing now at the 200 ma if it rallies to 5 dollars .
