First chart was pretty much right on the target but unfortunately volume was not there to break through $100 level. Key element for Bsv is to hold $80 level.This level is very important for traders at this point and medium risk positions can be opened within the blue box area(hoping for black or green line continuation). If this figure does not hold and goes under the blue box, Bsv could be in for a roller coaster ride into uncharted territories(red line). Anything can happen under this level. I can predict 3 different continuation patterns but I personally do not recommend opening large entry positions below $80 .Since this is fairly new coin, key important indicator is to see larger volume at this point.
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So far super boring. No seller no buyers.Very unlikely that investors without significant accumulation(thats why selling part is important too) will push this trough unless they already invested in large sum. Any significant break through from triangle(up or down) with ---> ****LARGE VOLUME *****(6k-20K bsv units per 15min chart or over 20k bsv unit as per hourly chart)will be significant at this point. Seems like double bottom forming but I am not convinced at all. It looks like BSv getting piggy back ride from BTC and this is not a good sign.I would not rely on this sign considering alone BTC itself is super unreliable nowadays.
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It looks like double bottom forming nicely. Lets hope that this works out. I truly want BSV to do well.
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Our week link is the Bsv-Btc conversation.We almost need a strong buyers for that section. Otherwise they will make Bsv bleed along with BTC. I just cant see the point converting bsv for btc right now. Now we are officially in the blue box area as per chart. Lets hope that $80 mark holds!Fingers crossed.
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We have bounced off perfectly off the danger zone. Now is more important ever. If this momentum stops.. very bad news .IF we do keep this momentum we can reach new heights.we are at 84.30 atm.
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Our problem is still flaky Btc people. When they think Btc going up. They abandon the ship(BSV in this case) and sink it.They are in for quick $$ they don't care about which coin and so forth.We are up to 84.90 but unfortunately in the hand of BTC lovers therefore I am not going to join in this trade at this moment. We need more stability and confidence. Trusting BTC lovers are the worst thing ever. However If Btc holders sees temporarily gains they will stay in wait new BTC rally. So this could still go up to new heights. I just don't trust them personally.
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Volume seems to be back. Great sign for hodlers. Btc is back alive as well. If this momentum protected along with large volume BSV may see $100 figures once more. But don't jump on the train right away wait for for local pullback then make your own judgement.
Thanks for the insight. This is a tough play like you said but im in and missed the drop while at work. Not worried long term however so now looking to average down at the right time. I believe in the potential here but it may take a bit for others to realize it as well. Look forward to your future thoughts
SpaceCatZ
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@ikdy, Though one sorry to hear that. I think you are fine on the wrong run.Lets hope that bitcoin does well.
ikdy
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@SpaceCatZ, 25% was at 68$ shouldve sold but got caught in the hype. It will be interesting to see where the reversal takes place. This is the only coin besides my beloved doge. I think they both have a bright future
SpaceCatZ
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@ikdy, Not sure about dodge but this one for sure but it will take some time. You should also look into eos. Way more riskier but quite rewarding one. I opened 3 entry positions.Expect at least %50 gain if not %100. Just posted a mini chart on it.I also expect Btc reversal towards $4000 levels. That could be great news for all coins.
UnknownUnicorn3887855
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Is the support officially broken or it might be a tail? If yes, what are the next support levels? and when do you expect a trend reversal?
SpaceCatZ
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@ahmedhanafy, Yes got destroyed. We do not have any support level that I know off. This is a new coin so not much previous data. This may go up to $80 level temporally but I do expect to go down as general trend at this point(you can never be sure about this but my prediction based on general direction for most cryptos just because of diminishing BTC value. Still Btc seems very weak and it may go down further. That's why I was suggesting to stay on the sidelines under$80 level. This is very scary at the moment. I am glad that I did not join this trade.
@ahmedhanafy, To be honest with you it is mostly depending on Btc at this point. If Btc does well , bsv might go up accordingly too. Or one whale can pump this up. But realistically BSv has broken down its strongest support and lost its chance to bounce hard. It is in danger zone either direction is possible.More volume needed. Nobody can tell for sure. Follow BTC/ usd pair as well. I need more time to analyse BSV and learn about it(how it behaves in different conditions) I guessed this this drop well.Unfortunately If this goes under $80 , nobody knows what could happen since it is baby coin.
SpaceCatZ
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@ahmedhanafy, I already told you at $75 this will bounce to $80 on my previous reply .Now it is decision time and there is still no volume. Expect to go either way here and watch BTC/USD closely.
UnknownUnicorn3887855
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Any idea why that technical indicator is at "Strong sell" signal? I really hope it's wrong again :D