Price Correction

BSV has recently formed and breached a triangular pattern, reaching a major resistance area coinciding with the supply zone. Anticipate a correction with a potential decline to the bottom of the ascending trend line, followed by the resumption of the primary trend with bullish patterns. Keep an eye on the significant major support at $43; a close below this level could turn the trend bearish on a weekly timeframe.

1/15/20241 min read

BSV analysis - Triangular pattern break, growth to major resistance and supply zone, correction expe
BSV analysis - Triangular pattern break, growth to major resistance and supply zone, correction expe

• Recently, BSV has formed a triangular pattern and successfully breached the upper edge.

• Following a pullback, it has resumed growth, reaching a major resistance area, which coincides with the supply zone.

• At present, we anticipate a price decline in the form of a correction, potentially extending to the bottom of the ascending trend line.

• Subsequently, with the emergence of bullish patterns, we expect the primary trend to recommence.

• The $43 price level serves as a significant major support. Should the price close below this threshold, the trend would likely turn bearish on a weekly timeframe.