BSV Needs To Break ~$267
For the last couple of months ~$267 has proven to be a key level for BSV. The previous local tops in early April, mid-February, and early January all failed to close above that level and hold it. Over the last few days we've been increasingly pushing up against it but still, it fails to hold.
To break and stay above it will require a High Volatility Funnel (HVF) on a larger time frame. I think that's exactly what is happening right now. The price just tagged the 0.618 fib level at ~$254 and is going back up. I think we will likely see it temporarily break the blue line at $267 and come back down to the yellow trend line before decisively breaking out. However, it is possible it'll just break out from here.
I'll consider this idea invalidated if we break below the 0.65 fib level.
To break and stay above it will require a High Volatility Funnel (HVF) on a larger time frame. I think that's exactly what is happening right now. The price just tagged the 0.618 fib level at ~$254 and is going back up. I think we will likely see it temporarily break the blue line at $267 and come back down to the yellow trend line before decisively breaking out. However, it is possible it'll just break out from here.
I'll consider this idea invalidated if we break below the 0.65 fib level.
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