For two weeks, I've been under the assumption that the descending triangle would act as resistance and cause a break down. While the price action broke out past the diagonal resistance line, the horizontal resistance line acted as a perfect little resistance spot.
Having gone long around $80, I had a target of $100 for the trade where I was considering going short. But the chat looks stronger than I thought it would at this point, so I'll stay neutral. I'm waiting to see if BSV can breakout past $100 and then retest it as support - which is looking like a keen possibility in the short term. Aside from longterm holdings, I am flat in fiat and waiting for a re-entry to trade. I will go long again at $100 when/if it breaks out strongly and then retests that zone as support.
I will also go long again if it maintains support at $90 or I'll be out for a while if it breaks down, at which point I will go long again if it follows my red line down to a rational, horizontal support zone, but that would likely be a trade that take a couple weeks to set up.
A fundamental metric to consider is the the unknown surrounding the Tulip Trust. In a situation where that comes into play, fundamentals will trump the TA of the chart.
Having gone long around $80, I had a target of $100 for the trade where I was considering going short. But the chat looks stronger than I thought it would at this point, so I'll stay neutral. I'm waiting to see if BSV can breakout past $100 and then retest it as support - which is looking like a keen possibility in the short term. Aside from longterm holdings, I am flat in fiat and waiting for a re-entry to trade. I will go long again at $100 when/if it breaks out strongly and then retests that zone as support.
I will also go long again if it maintains support at $90 or I'll be out for a while if it breaks down, at which point I will go long again if it follows my red line down to a rational, horizontal support zone, but that would likely be a trade that take a couple weeks to set up.
A fundamental metric to consider is the the unknown surrounding the Tulip Trust. In a situation where that comes into play, fundamentals will trump the TA of the chart.