Long
BSV/USD (Bitcoin SV) (Technical analysis)
Introduction
Hi tradingview! Today I will be covering BSV/USD and why I think it might hit 186.60$ soon (it's already on it's way).
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Chart patterns
There are two chart patterns that indicate a potential bullish move, including:
1. An symmetrical triangle
2. A descending channel
It has already broken out of both to the upside, with the symmetrical triangle target being around 172.25$. I show two more targets at important resistance levels just in case there is a sustained move.
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Momentum
There has been an MA cross with the 50 MA going above the 100 MA, indicating bullish momentum on the 30 minute timeframe and a bullish trend.
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Final thoughts
This is one of my quickest ideas yet, since the trade is happening as I'm typing. Hopefully I gave a clear understanding of what I expect to happen. Here are the targets, entry, and stop-loss:
Target 1 (172$)
Target 2 (179$)
Target 3 (186$)
Entry (164$)
Stop-loss (160$)
I was intending to do something on Moderna today, but I want confirmation of the move before I post it. I have an educational post coming up in it's place (maybe today or tomorrow). Good luck and great trading everyone, and Merry Christmas!
Hi tradingview! Today I will be covering BSV/USD and why I think it might hit 186.60$ soon (it's already on it's way).
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Chart patterns
There are two chart patterns that indicate a potential bullish move, including:
1. An symmetrical triangle
2. A descending channel
It has already broken out of both to the upside, with the symmetrical triangle target being around 172.25$. I show two more targets at important resistance levels just in case there is a sustained move.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Momentum
There has been an MA cross with the 50 MA going above the 100 MA, indicating bullish momentum on the 30 minute timeframe and a bullish trend.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Final thoughts
This is one of my quickest ideas yet, since the trade is happening as I'm typing. Hopefully I gave a clear understanding of what I expect to happen. Here are the targets, entry, and stop-loss:
Target 1 (172$)
Target 2 (179$)
Target 3 (186$)
Entry (164$)
Stop-loss (160$)
I was intending to do something on Moderna today, but I want confirmation of the move before I post it. I have an educational post coming up in it's place (maybe today or tomorrow). Good luck and great trading everyone, and Merry Christmas!
Note
*Not financial advice, just an idea which may or may not come to pass. (Of course, you can take the trade if you agree with it, but that isn't the purpose of the post).Note
Wicks touched the stop-loss, which is very annoying... I think the targets could be hit despite this, so the trade is still on. If a candle closed below the stop level instead of just touching it that would be different. All the indicators still point to an upward move.Note
Our trade is going well :). The stop-loss was too tight, with the support being right below it... really, it should’ve been below the upper trend line of the symmetrical triangle. 159$ is where I would personally place the stop-loss right now. With this new stop, there is 3% risk, with a still decent risk to reward on all three targets. Also, there has been a break of two resistances which BSV/USD has found hard to break past before. Just wanted to give you guys an update so you knew my thoughts on how everything was going. (I didn’t post this trade for some reason, but I did show show some people this screenshot of BTCUSD before it broke out of its ascending triangle. So far so good, am up a decent amount.)
Before it broke out:
Right now:
Check out this “PolarHusk” idea, since he did post something really similar to the screenshot I showed you above.
Here is what it’s called: BTC/USD (Bullish Triangle? Wait for Breakout)
Note
BSVUSD hit take profit 1! But not before touching the new stop-loss for with some wicks and closing below the old one. Because of this, technically the trade failed, although it did eventually hit where I thought it would hit. Good luck and great trading everyone!
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.
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.