Bchsv has tripled in value over the last week, while almost all other cryptos were falling. With a bounce in the other currencies we can expect continued market outperformance. Points to watch are the uppermost parallel line which has acted as resistance before. If price breaks through this and it becomes support then beware . This could be a spike high with rapid retracement. Take profit Target 1 :121 Target 2: 156
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First Target reached followed by rapid retracement to just above 100. Then a strong bounce. I hope that some of you managed to 'double dip'. This time the target is higher . Notice the symmetry. We exceeded the channel ceiling by $6 and the floor by $6.
I have another chart that I am following concurrently. This vehicle is difficult because we have no history
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Now the median line has become resistance. The fall through the line with small retracement under the line is bearish behaviour and confirms the validity of the slope. I will look at this vehicle again in a few days. If BTC falls to 2950 we should get a bounce which will ripple throughout the market. That may be the time for a long trade.
The slope above was very steep and price usually cannot sustain such a rate of increase for long.
While price has fallen out of that slope it is still following an upward trajectory albeit less steep.
I am using the pitchfork drawing tool to show slope. This is not a standard Andrews Pitchfork
The median line (red) was resistance and has now become support. See arrows.
A breach of this median line would be bearish.