BCH SV Daily Analysis: The Climb to All Time High
BCH SV has fallen to exactly the level that Nouvive and Nouvive Intelligence wants it to $89. From there, it will be a slow, yet uphill battle to the All Time High of $141.
What do the charts Say?
- BCH SV is currently in a bullish triangle pennant, this means that when it breaks out from $100, it will fill the gap at $110 before deciding to climb to fill the last gap at $120.
- BCH SV on the higher time frames has filled a double bottom, the market disagrees it will go below the level fo $89.
- Volume is decreasing, meaning a volatile move will occur.
- RSI Stochastic has crossed-over at current levels; this coupled with the rising Accumulation indicates that it will rise to the top of the pennant at $100.
- Nouvive Intelligence points out that market sentiment is rising to previous highs and this is currently not a crowded trade.
- Both bottoms occurred on the 0.5 Fibonacci, a move to fill the volume gap and to the tip of the triangle pennant is at the 0.618 fibonacci.
- It is unlikely but BCH SV may fall to fill the volume gaps at $87 and $77 where the 0.382 fibonacci is currently at.
- If that happens, it will past the previous local low of $85, meaning above down to the 0.236 fibonacci is likely and closer to the previous support at $55.71
- Traders: An entry at $90 to the tip of the triangle and below the 0.618 fib is an 11% move and based on market sentiment may occur within the next 10 days.
- Investors: An entry at $88 and a stop loss at $85 with a take profit at $120 will occur based on Market sentiment by the end of the year for a 30% gain.
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