botje11

BCH BSV BAB Low volume and triangles

BITFINEX:BSVUSD   BSV / Dollar
I actually did not want to make an analysis on these 2 but since many people have asked me to i will give it a try. The reasons i did not want to do it myself is very simple, there is not enough data to analyse these 2, only 3 weeks of data. But i will give it a try. My second reason is, i honestly do not even want to waste my time or energy on something that is being used like a little toy by an elite few who simply just do whatever they want and have been the catalyst for the dump the crypto market had the past weeks. I hope these people are very proud of themselves for proofing the world that crypto is not decentrale as it is on paper.

On the left we can see a triangle in the making where the volume is dropping as well. Usually this means we can see a break on the downside. But that blue circle shows a possible bear trap move, indicating some big players might be accumulating here in this triangle. So only if we break up with high volume , this story might be true. That red zone is a clear resistance level .

On the right we can see an inverse H&S brought the price to the current levels and from the looks of it we broke upwards from that triangle. But there is no volume at all there. That tells me this breakout will most probably fail. Unless it can stay above the 95ish and still make another move up this week with high volume . Otherwise i think it can test the 70ish zone again.



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Comment: The triangle on the left of BAB has been broken again, don't know if that same bear trap move will work again, so looks quite bearish now. Only a move back inside the triangle can save it.

On the right for BSV we can see once again, how important volume is during breakouts. Still did not make a big drop, but i think if Bitcoin drops a bit more, this one might play catch up to the downside.

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Please update BCH if possible
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aakbar aakbar
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Can we just kick CSW, Jihan, and Blockstream out of crypto but keep BSV?
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@botje11, it was useful
Pay attention to the points in your analysis !!
But I am in favor of blockchain technology and cryptocurrencies
But I disagree with Bitcoin, and I do not believe Bitcoin has the technology to be effective, and will not be used up until the next few years and will be destroyed.But there are even better currencies
I have not traded any more and my tracks are long from 1 years ago!!!
  But I believe Bitcoin should be below 3000 to start real growth
The negative market is on its way and we will see the biggest falls. please see depth of market
thanks
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Kraken has history from the beginning for BCH
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botje11 imkeshav
@imkeshav, Don't understand, you mean for the Bitcoin Cash chart? I don't know if that will work, with these 2 different coins now
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@botje11, BCH split from BTC, does it mean that we cant look at BTC chart. I understand the situation very different though but how is this very different?
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@imkeshav, BCH split from BCH, the ticker doesn't matter. All the past is irrelevant
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Well. I was a invested on Bsv coin as of yesterday. If you read the charts correctly this chart suppose to go down to $88(double bottom pattern) or possibly lower towards $70-$80(if inverse head shoulders pattern) not to $105 level at all. BSV coin's pump being managed by Binance. You can actually see very high volume there(artificial pump). Usually pump happens to start mostly in Early British time zone. There was no good setup at all. Pointless giant buy chunks. So I exited my position immediately. Unless this goes down to $88 and form a double bottom. I am out for good. I have learnt my lesson many times. Not falling the same game over and over.Even If you are artificially pumping a coin you gotta do it right!!! Don't get me wrong this coin has promising future but not at this moment!
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botje11 SpaceCatZ
@SpaceCatZ, Good to hear you have learned an important lesson. It's true that we traders tend to make the same mistake over and over again. That's why it takes many years to become a more mature trader.
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