What a week BSV has had and it’s only Wednesday!
Briefly, much of what I’ve been sharing on Twitter is playing out… but at a much faster pace than I expected. Just a couple highlights of what I’ve posted recently.
First, BSVBTC ratio:
Next up, BSVBCH ratio:
With that behind us many are looking for answers on what’s next. I’ll break it down here.
Fundamentally, BSV is Bitcoin. There’s not much else to say here that hasn’t been said. BSV has the best chance at changing the world. Browse some of my previous posts about BSV services and how it differs from BTC. The fundamental story is clear yet many refuse to accept this fact. This creates opportunity for anyone who wants to own the real Bitcoin.
Technically, we’ve had a heck of a run. Exuberance doesn’t begin to cover it.
TA will always beat exuberance. Mean regressions are a thing for a reason.
More behind paywall below.
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The recent run was screaming for a pullback. A parabolic run in three days with a 400% increase is always ripe for a retrace. The key here is how far will the retrace go and what now.
To confirm this with data the Mayer Multiple I’ve been tracking on Twitter flagged a SELL signal based on the daily candle close of 422 last night.
In a parabolic run I look for a 20% retrace from the high. The high was $455. ~20% retrace is $360. BSV is trading around 340 at this moment and has a Head and Shoulders pattern on the 1H chart.
This H&S neckline is sitting around the important fib level of 2.618. Give or take $20 if this breaks down odds increase the next significant fib level of support at $240 is revisited.
Wave 4 of the pattern above could reverse here or near $240. Either way, target range of new ATH remains not only viable from a technical perspective but likely given the fundamentals and upcoming events with return to Genesis protocol and the Coingeek Conference in London Feb 20-21.
So I’m watching current levels, preparing for the worst but hoping for the best. I expect more good news and appreciation after a cooling off period.
BSV received quite a bit of attention from the price action yesterday from notable people on FinTwit. They are beginning to take notice and ask for info. While they pundits, including billionaires Novogratz, Draper and others, have mostly been behind the curve (because they don’t read my blog!) they are smart people. The fact they are asking questions is a good thing.
Fundamentally BSV is Bitcoin. Technically, keep your eye on key levels and always remember to take profits here and there.
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And as the great financial advisor Marshawn Lynch has said, no matter how hot you are in your market you gotta take care of that chicken.
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