OK guys I have to admit that market proved that I was wrong about "bear market rally" in my last analysis... As a trader we all know that there is no certainty in the market and all we do is based on probabilities and possibilities... In fact I know very few traders/chart analyst that were bullish in BTC, BSV, BCH or other crypto market in the last month.
So what does that mean? As you can see in my 4h chart BSV climbing an uptrend channel from March 12th. Moving averages have bull market arrangement, 21 above 100 and above 200. This is extremely bullish for BSV and I think there is a great chance that in month of May we are going to see some great movements in the market or possibly the bull market will extend into month of June. If BSV continues climbing in this channel, we should hit mid-line of the channel for the fist target at $250-$260... and then the next target will be top-line in the channel around $300-$320 region. Of course it extremely depends on the timing or when we will have this movements... But I think it will be short term.
In the other hand, breaking the bottom-line of the channel can push the price down toward $180, then $150 or possibly lower. Although I don't think it is probable at least in the month of May. So let's see where we go from here.
This is just my opinion, not a trading advise!
Trade Wisely, Always Use Stop Loss & Stay Safe!!
MM
So what does that mean? As you can see in my 4h chart BSV climbing an uptrend channel from March 12th. Moving averages have bull market arrangement, 21 above 100 and above 200. This is extremely bullish for BSV and I think there is a great chance that in month of May we are going to see some great movements in the market or possibly the bull market will extend into month of June. If BSV continues climbing in this channel, we should hit mid-line of the channel for the fist target at $250-$260... and then the next target will be top-line in the channel around $300-$320 region. Of course it extremely depends on the timing or when we will have this movements... But I think it will be short term.
In the other hand, breaking the bottom-line of the channel can push the price down toward $180, then $150 or possibly lower. Although I don't think it is probable at least in the month of May. So let's see where we go from here.
This is just my opinion, not a trading advise!
Trade Wisely, Always Use Stop Loss & Stay Safe!!
MM