Bitcoin Faketoshi Vision ( $BSV 1W) we all have our favourite
Currently there are several bitcoin’s fork battling for the title of true Bitcoin, Bitcoin cash SV is one of them.
I do not favor either of them but this analysis has been requested to me so I will give my take on it.
It is true that this altcoin can be traded, and I trade the chart not my opinion.
What I can say on the first glance at the chart is that the price is making higher highs and higher lows on the weekly time frame. This is significative of an uptrend and a positive point.
As to how high it can go. I don’t know, when making ATH only price discovery can tell.
I draw 2 double bottom pattern one on the chart and one on the RSI.
Like all pattern the pivot point is often retested so here is my speculation on how it may happen:
The positioning of the Elliot’s waves is highly speculative, but it can give you an idea on the typical behavior of the price in bullish markets.
I expect a “wave 5” who will made new highs but on an RSI divergence then a correction back to the neckline of the weekly W. to me it would make sense midterm. Long term there is a high probability for the trend to continue to the upside.
To me it’s always better to buy low. Wait to see some serious retracement from this 500% move before considering making an entry.
If I was a holder I would consider taking a lil bit of profit just to enjoy holding that long.
Do not forget to rebalance your portfolio if needed be, now may be a good time.
It’s a bit of a surprise really but this coin (and the project) is far from dead.
As time goes by, I will keep you updated on the evolution of the coin, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said and done from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
I do not favor either of them but this analysis has been requested to me so I will give my take on it.
It is true that this altcoin can be traded, and I trade the chart not my opinion.
What I can say on the first glance at the chart is that the price is making higher highs and higher lows on the weekly time frame. This is significative of an uptrend and a positive point.
As to how high it can go. I don’t know, when making ATH only price discovery can tell.
I draw 2 double bottom pattern one on the chart and one on the RSI.
Like all pattern the pivot point is often retested so here is my speculation on how it may happen:
I expect a “wave 5” who will made new highs but on an RSI divergence then a correction back to the neckline of the weekly W. to me it would make sense midterm. Long term there is a high probability for the trend to continue to the upside.
To me it’s always better to buy low. Wait to see some serious retracement from this 500% move before considering making an entry.
If I was a holder I would consider taking a lil bit of profit just to enjoy holding that long.
Do not forget to rebalance your portfolio if needed be, now may be a good time.
It’s a bit of a surprise really but this coin (and the project) is far from dead.
As time goes by, I will keep you updated on the evolution of the coin, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said and done from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.