It is a failed pump attempt that happened in Jan, where I am not surprised because the manipulator didn't follow the original fractal pattern by dropping BSV to the $100 zone first along with the BTC retracement and then making a single but huge pump.
And now there are few things changed: 1. The upward breakout is valid, even if the pump attempt failed, which implies the $150 supporting line turns to long term, and the risk of going to $100 is very low; 2. The next high volatility time happening in April should bring an upward movement instead of downward, and similar in July; 3. The historical fractal pattern is no longer valid because it just made a lower spike high, so BSV would start to follow the alt-coin patterns instead of its own.
This is actually good news to the long position holders because there is no way to repeat the time-wasting fractal pattern, so there would be multiple spikes happening this year. And the recommendation is to take long positions whenever the $150-$170 zone is touched again, as there is still plenty of room for BTC/ETH to retrace and drive down the market.
Also, I just want to share my experience with drawing trend lines: 1. Only connecting the latest two high/low as the resistant/support line 2. Parallelism of the lines is very important. In my chart, the latest $325 high of the failed pump could be explained from parallelism 3. A triangle converge point always implies the next high volatility cycle, either a peak or a trough
Painting bull flag on BSV/BTC though on the hourly. Next few hours will decide if BSV pulls a rabbit out of its hat and performs more magic. I think this was it, but you never know. It will decide shortly for me.
xiuluowan
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@workingcar44, the rabbit may stay in the hat for a few weeks, as it is a 100%+ retracement, and I am expecting more drop : )
Darenno1
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@xiuluowan, explain me how anything may create 100% retracement and remain over 0 level.
xiuluowan
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@Darenno1, Before talking to me, make sure you 1. understand the difference between "price drop" and "retracement", and how to calculate each mathematically; 2. are still mentally stable after losing money. Otherwise, you are making yourself look bad publicly.
Darenno1
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@xiuluowan, I didn't lose any money lmao. I bought at 165$. I don't know why are you so cocky when I asked you a simple question.
xiuluowan
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@Darenno1, Oh Really? After switching from BSV to ETH and then back to BSV, and then possibly to something else again? The Internet has its memory. I am polite and decent to anyone who is friendly, but not to any badgering person
Darenno1
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@xiuluowan, Yes I was in bsv I bought for avg. 172 then I sold at 175 went into eth made 22% with it and then swapped to bsv once more on avg 165$.
@Darenno1, Oh man, you can even argue you entered at $165 today and sold it at above $300 last Friday. I will "trust" you okay?
Darenno1
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@xiuluowan, Well I did not. I am holding tightly. This will be on prices such as 820-1220$ in this month. :) GL man have a nice day fussy man
P.S. Check pre-pump false breakout from May 2019