BSVUSDT is clearly in a trading range as it touched an important support zone in weekly timeframe it started a bullish movement.
Now in daily timeframe it is moving inside a descending wedge and it is close to resistence trendline. if BSV breaks out the wedge it can continue its bullish movement at least up to 190 and even more, otherwise we can expect another...
BSV is heavily shorted, when the pressure is released (or overcome) there are wild spikes to the upside. I think the next one breaks thru the final resistance red line and hits the 1.0 maybe even extending to the 1.618 fib extension before being obnce again hammered down possibly even below the wave 1
I think these large shorts are suppressing BSV price discovery and invalidating wave counts.
Ive just followed long-standing lines of support and sketched a possible path along lines of confluence with the fibs.
I believe that all the suppressive action over the last few years will have an equal and opposite reaction to the upside when the positions shorting BSV...
BSV has gained significant amounts of entrepreneurship within the ecosystem. I don't expect the market to realise the limitations that many of the other blockchains have currently. The crypto space is short sighted, ignorant, lacking expertise, parroting narratives and tend to argue in bad faith given thier vested interest.
That said, it is ideal to keep an eye...
BSV is close to the previous support, which has bounced back multiple times when the support is broken, could bring the price down to around $ 64. The first resistance, however, is $ 107.88. In the coming days, it is possible to try to exit the downward trend, but a lot depends on the behavior of BTC.
Little zoom-in on my BSV chart... Keep your eyes on the potential breakout.. Overall im positive and i have taken my position.. but if things head south i will drop it faster than you can say "i told you so".
Bsv looks quite stable here for a good launch, this coin has done nothing but consolidate since coming in to the market this shooting for the stars could very well be in the cards, I have a small bags myself