Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
This is an update to the previous BSV TA on 24 Nov 2018, the price went as high as 0.0349 BTC and all targets mentioned in my analysis were hit. There is not much history to analyze this coin, but I will try to gather whatever is there to form an opinion and an updated TA.
BSV-BTC Pair
As shown in the chart, BSV rose from 0.088 BTC to 0.0349 BTC within four days. This is a price gain of almost 400% in just four days, therefore a correction was necessary. The 50% Fib level is holding the price so far around 0.022 BTC; ranging between 0.022-0.025 BTC, it looks primed to break below; however, an hourly close below 50% Fib level will strengthen this scenario. Below the 50% Fib, a VRPR analysis of the golden pocket (61.8% Fib) at 0.0188 BTC reveals that it is unlikely to give much support. The Visible Range (VRPR) analysis shows that there is not much traded-volume between 50% and 78.6% Fibs and the gap shows a weak support at 61.8% Fib. The 78.6% Fib around 0.0144 BTC is a stronger support level and should hold in case it gets there. I have highlighted the green order block in the chart as a possible support area.
Another possible but unlikely case would be if 50% Fib holds and BSV rallies up. I have lined up possible resistance levels with yellow lines. The 0.0349 BTC price level is strong resistance. There is not much data to determine the higher levels, in case price breaks above the 0.0349 levels (an hourly close above it followed by H4 and D1 TFs). This scenario is based on MACD close to a weak bullish crossover on the H4 time frame, but it is not strong enough to provide the momentum required to break above the high of 0.0349 BTC.
Bear in mind that amid the controversies surrounding BSV, it can rapidly drop to much lower levels too.
BSV-USDT Pair
BSV-USDT pair is behaving almost the same manner as BSV-BTC pair. After hitting 141 USDT, it started going down and bounced at 50% Fib Level around $90. At the time of writing this article, it is hovering around 95 USDT. The VRPR shows a gap between 89 USDT and 70 USDT. In case it breaks below, 70 USDT-58 USDT is the likely support levels to hold, as shown by a green block.
This is the best I can produce given the short history of this coin. Let’s see how it pans out.
