The events of the week are important as they show that the sentiment has changed from sell on rallies to buy the dips.
The traders can wait for a dip during the week and buy closer to $8.5 with a stop loss of $5.50.BSV/USDBitcoin SV was the second-best performer of the past seven days.
The BSV/USD pair rallied sharply after breaking out of the overhead resistance at $107. The momentum was strong enough for it to break out of the second resistance at $138.950 and reach a high of $154.99 during the week.
After the sharp rally, the short-term traders might book profits that could result in a pullback to $126.189, which is 38.2% Fibonacci retracement level of the most recent rally.
We anticipate the pair to turnaround from one of the above-mentioned levels.
The BCH/USD pair had been trading in a tight range for the past three weeks.
Interestingly, as the prices soared, Bitcoin futures volume on Bakkt spiked, which shows that institutional traders will jump in if Bitcoin starts a sustained up move.
Does the recent rally confirm that a bottom is in place and should the traders buy now or wait for lower levels to enter?
78, which is 61.80% Fibonacci retracement level of the recent rally.
Contrary to our assumption, if the pair turns down from the current levels, it will remain range-bound between $2.8498 and $2.0531 for a few weeks.
Top-5 Cryptos This Week: Bitcoin, NEO, BSV, BCH, LINK
Published on Oct 27, 2019
by Cointele | Published on Coinage
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