BITFINEX:BSVUSD As volatility stagnates and directional indexes are at historical lows, pressure is building for Bitcoin SV and other coins like DASH and LTC.
This graph shows how cyclical the crypto markets are and how dangerous it can be to be short in conditions like these. Three downtrend periods are evident in the history of Bitcoin SV, the first being Nov 2018 - May 2019, the second June 2019 - Dec 2019 and the third Feb 2020- Oct 2020. After every downtrend in BSV , a breakout of + 350% followed, in both cases with a duration of 60 days and marking a maximum in historical volatility (HV) as seen in the graph. Currently we are in exactly the same conditions as in the base of the previous explosions, both in chart patterns and in volatility and trend indices, the cyclical trend of the currency being quite self explanatory.
I would not recommend entering long right away from the bottom of the channel, but long from the break of downward strtucture plotted as a blue descending line. The reason is to minimize risk in order to use leverage or greater position size, instead of hoping for the best by seting a -20% SL. It just makes more sense.
Movements of this magnitude could be catalyzed by the movements of other coins such as Litecoin and Etherum, which in the past have already shown to have a greater correlation with this pair than the giant Bitcoin ( BTC ).
Trade at your own risk. This is not financial advice.
Not gonna lie, this is exactly what is about to happen but it will take it some more time. Your triangle looks like it is perfectly drown and tbh we will hit 800$+ at spike in 1st week of december. I'd like to see bsv begin it's slow movement towards top of the triangle and imho we will break it at another retest. Then pump will take place for around 2 weeks with spike at 800$+.Later on we will dance at prices around 500-700$ for around 5 weeks before downside from there.
JRuiz000
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@Darenno1, Thanks for your feedback, really appreciate it. You are probably right on the timing as this things don't have to happen exactly the same every time and without other alts following, BSV wont make it to $650-$800 on it´s own.
JRuiz000
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@Darenno1, Checkout my new analysis on YFII/USDT and tell me what you think 👍🏻