It is a failed pump attempt that happened in Jan, where I am not surprised because the manipulator didn't follow the original fractal pattern by dropping BSV to the $100 zone first along with the BTC retracement and then making a single but huge pump.
And now there are few things changed: 1. The upward breakout is valid, even if the pump attempt failed, which implies the $150 supporting line turns to long term, and the risk of going to $100 is very low;
2. The next high volatility time happening in April should bring an upward movement instead of downward, and similar in July;
3. The historical fractal pattern is no longer valid because it just made a lower spike high, so BSV would start to follow the alt-coin patterns instead of its own.
This is actually good news to the long position holders because there is no way to repeat the time-wasting fractal pattern, so there would be multiple spikes happening this year. And the recommendation is to take long positions whenever the $150-$170 zone is touched again, as there is still plenty of room for BTC/ETH to retrace and drive down the market.
Also, I just want to share my experience with drawing trend lines:
1. Only connecting the latest two high/low as the resistant/support line
2. Parallelism of the lines is very important. In my chart, the latest $325 high of the failed pump could be explained from parallelism
3. A triangle converge point always implies the next high volatility cycle, either a peak or a trough
And now there are few things changed: 1. The upward breakout is valid, even if the pump attempt failed, which implies the $150 supporting line turns to long term, and the risk of going to $100 is very low;
2. The next high volatility time happening in April should bring an upward movement instead of downward, and similar in July;
3. The historical fractal pattern is no longer valid because it just made a lower spike high, so BSV would start to follow the alt-coin patterns instead of its own.
This is actually good news to the long position holders because there is no way to repeat the time-wasting fractal pattern, so there would be multiple spikes happening this year. And the recommendation is to take long positions whenever the $150-$170 zone is touched again, as there is still plenty of room for BTC/ETH to retrace and drive down the market.
Also, I just want to share my experience with drawing trend lines:
1. Only connecting the latest two high/low as the resistant/support line
2. Parallelism of the lines is very important. In my chart, the latest $325 high of the failed pump could be explained from parallelism
3. A triangle converge point always implies the next high volatility cycle, either a peak or a trough