FintechDaddy

BCH SV Daily Analysis: $85 Increasingly Likely

As stated by Nouvive yesterday, a close above $101 is positive, however based on current price actions a fall below $100.25 and a further fall below $97.50 would see a 14.68% move down towards $85.30.

What does the Chart Show? 

Bullish

On all the higher time frames, RSI Stochastic appears to be Heavily Oversold with a cross-over in play, meaning we could see a 17% move upwards if BCH SV is able to breakout today above $104 to retest yesterday's high of $117.
a bounce from current levels at $100.25 could see a breakout above 104 and a double bottom .
This trend line as shown on the chart below has been tested several times, it is Mixed Emotions whether it will be broken - this depends on current Market Sentiment.
Bearish

Volume has been slowly constrained with negative sell side volume being currently favoured.
A fall below $100.25 and a close on the lower time frames would illustrate that if there is no bounce at the 200MA on the 45M chart, $97.50 is very much in play.
A fall below $97.44 would mean any bullish momentum is invalidated, we could see a 15% decrease to the downside.
there are many volume gaps below at $85.30 that need to be filled, we could see a bounce following this.
Nouvive Says: To wait and see, prudent investors should wait for a break above $104 before entering a trade. If $100.25 is broken, a bounce may occur at $97.50, if this does not occur. We will see a retest of $85.44 with a potential bounce to the upside to retest $117.90 later during next week. 

Comments

We just dropped below 94 on Binance. Are you saying the only way now is to retest 85?
So far is hovering around 96-95 No additional drop
To bad I sold as per your advise:
" A fall below $97.44 would mean any bullish momentum is invalidated, we could see a 15% decrease to the downside. "
Any update?
thanks
Reply
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