Long
BSV/BTC Ready for the Next Level 20%+
Updated
BSV is still testing its major price points compared to BTC.
We're formulating a bullish falling wedge pattern that should resolve in the next few hours.
The best way to play this is to play the breakout. Get ready for bullish/bearish breakout, with a bias towards a bullish breakout because of the falling wedge pattern.
Don't get greedy. BSV is definitely a shitcoin and is not to be used as a long term hold. Couple days maximum.
We're formulating a bullish falling wedge pattern that should resolve in the next few hours.
The best way to play this is to play the breakout. Get ready for bullish/bearish breakout, with a bias towards a bullish breakout because of the falling wedge pattern.
Don't get greedy. BSV is definitely a shitcoin and is not to be used as a long term hold. Couple days maximum.
Note
Trade is working in our favor so far. It looks like we're forming a bull flag, which indicates another level up is a possibility.With Bitcoin possibly forming a H&S pattern, I might not want to stick around in BSV/BTC for very long.
Monitoring the situation closely and ready to take an out as soon as I see trouble. Already up around 10%. I don't want to get greedy.
Note
BSV/BTC turned into a falling wedge pattern, and it just broke out of that pattern.The falling wedge is bullish and there is a greater statistical chance of an upward move from here, but nothing is guaranteed.
My trade is still open. I'll update when I close.
Note
At the time of my last comment, we saw a throwover and the wedge pattern continued to play out.Now, we just saw the end of the wedge with a weak move to the upside.
This mimics the "steps-up" approach of the last big moves in BSV.
The most important thing to watch is how Bitcoin is behaving. So far, Bitcoin is continuing to trade sideways, which has historically helped the alts rise.
As long as Bitcoin doesn't drop, I expect to see a big gain for BSV/BTC. But I will also be prepared to exit the trade with profits if it shows signs of weakening, like falling down to the upper edge of the wedge again.
Note
Correction: I'm not looking for the top edge of the falling wedge - that would be too much.I will publish a new idea.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.