BSV ANALYSIS (TRIPLE TOP FORMED)
BSV
BSV has recently seen a massive surge up past $230 for a triple top at this zone. Each previous time, this was a strong rejection point. Its possible, BTC shoots to 9k and we do see an overextension of BSV. But successful traders look for high probability plays. In this situation, BSV is at a known rejection point and already overextended on daily RSI. RSI hit overbought near $180 and I expect a push back down towards T1 at $200, T2 $199, and finally T3 at $180. There is a possible new temporary support. I would recommend closing any short near T2 and T3 for a possible flag and bounce back up. This will highly depend on BTC, but given the current chart its a high probability we do see a correction back down. Triple tops tend to be bearish. Keep in mind 200 MA is way down at $125 and 50 has not crossed 100 MA yet.
Possible Short Entries: $238-240
BSV has recently seen a massive surge up past $230 for a triple top at this zone. Each previous time, this was a strong rejection point. Its possible, BTC shoots to 9k and we do see an overextension of BSV. But successful traders look for high probability plays. In this situation, BSV is at a known rejection point and already overextended on daily RSI. RSI hit overbought near $180 and I expect a push back down towards T1 at $200, T2 $199, and finally T3 at $180. There is a possible new temporary support. I would recommend closing any short near T2 and T3 for a possible flag and bounce back up. This will highly depend on BTC, but given the current chart its a high probability we do see a correction back down. Triple tops tend to be bearish. Keep in mind 200 MA is way down at $125 and 50 has not crossed 100 MA yet.
Possible Short Entries: $238-240
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