BSV is still testing its major price points compared to BTC.
We're formulating a bullish falling wedge pattern that should resolve in the next few hours.
The best way to play this is to play the breakout. Get ready for bullish/bearish breakout, with a bias towards a bullish breakout because of the falling wedge pattern.
Don't get greedy. BSV is definitely a shitcoin and is not to be used as a long term hold. Couple days maximum.
We're formulating a bullish falling wedge pattern that should resolve in the next few hours.
The best way to play this is to play the breakout. Get ready for bullish/bearish breakout, with a bias towards a bullish breakout because of the falling wedge pattern.
Don't get greedy. BSV is definitely a shitcoin and is not to be used as a long term hold. Couple days maximum.
Comment:
BSV/BTC turned into a falling wedge pattern, and it just broke out of that pattern.
The falling wedge is bullish and there is a greater statistical chance of an upward move from here, but nothing is guaranteed.
My trade is still open. I'll update when I close.
The falling wedge is bullish and there is a greater statistical chance of an upward move from here, but nothing is guaranteed.
My trade is still open. I'll update when I close.
Comment:
At the time of my last comment, we saw a throwover and the wedge pattern continued to play out.
Now, we just saw the end of the wedge with a weak move to the upside.
This mimics the "steps-up" approach of the last big moves in BSV.
The most important thing to watch is how Bitcoin is behaving. So far, Bitcoin is continuing to trade sideways, which has historically helped the alts rise.
As long as Bitcoin doesn't drop, I expect to see a big gain for BSV/BTC. But I will also be prepared to exit the trade with profits if it shows signs of weakening, like falling down to the upper edge of the wedge again.
Now, we just saw the end of the wedge with a weak move to the upside.
This mimics the "steps-up" approach of the last big moves in BSV.
The most important thing to watch is how Bitcoin is behaving. So far, Bitcoin is continuing to trade sideways, which has historically helped the alts rise.
As long as Bitcoin doesn't drop, I expect to see a big gain for BSV/BTC. But I will also be prepared to exit the trade with profits if it shows signs of weakening, like falling down to the upper edge of the wedge again.
Comment:
Correction: I'm not looking for the top edge of the falling wedge - that would be too much.
I will publish a new idea.
I will publish a new idea.
With Bitcoin possibly forming a H&S pattern, I might not want to stick around in BSV/BTC for very long.
Monitoring the situation closely and ready to take an out as soon as I see trouble. Already up around 10%. I don't want to get greedy.