BSV Has Overtaken Key Resistance Levels
Taking a look at BSV, we can see that it's doing some interesting things right now. BSV was trading inside of this big falling wedge (in blue,) but has recently broken out above the wedge, tested it, held it as support, and it has began to trade higher. Additionally, price is above the 50 week MA (in orange.)
Taking a step back though, we can see that BSV was in a series of lower highs and lower lows, as a result of being trapped inside of the falling wedge. With that said, if BSV can hold above the 50 MA, and more importantly, break out above the 200 MA (in purple) we could see a rally up to the $187 area, which is where the 618 retrace is. If the next few days continue to close above the 50 MA, that would increase the likelihood of a test of the 200 MA. A breakout above the 200 would be very bullish.
On the MACD, we can see that it's bullish and rising. It also recently broke out above the zero line, which is a technical buy signal. With that said, a breakdown below the 50 MA and particularly the top of the wedge would be a very negative development. Since BSV isn't far above those levels yet, traders should pay close attention to how price reacts in the coming days.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Taking a step back though, we can see that BSV was in a series of lower highs and lower lows, as a result of being trapped inside of the falling wedge. With that said, if BSV can hold above the 50 MA, and more importantly, break out above the 200 MA (in purple) we could see a rally up to the $187 area, which is where the 618 retrace is. If the next few days continue to close above the 50 MA, that would increase the likelihood of a test of the 200 MA. A breakout above the 200 would be very bullish.
On the MACD, we can see that it's bullish and rising. It also recently broke out above the zero line, which is a technical buy signal. With that said, a breakdown below the 50 MA and particularly the top of the wedge would be a very negative development. Since BSV isn't far above those levels yet, traders should pay close attention to how price reacts in the coming days.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
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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.
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.