Disclaimer: The following price prediction should not be considered as investment advice.
Bitcoin SVDespite the setbacks, it continues to remain in the ninth rank on the cryptocurrency charts, managing to stay within the top 10 of the market. However, with DeFi coins gaining more traction lately, it might not come as a surprise to see older cryptocurrencies slide even further down the cryptocurrency ladder.
At the time of publication, the short to medium term time frame for BSV showed a bearish setup. So a short would be a good shot here.
Bitcoin SV 4-hour chart
The rising parallel channel may be a bearish pattern, however all the long scalps are done and the price, at the time of writing, was ready for a breakout. There are plenty of short scalp opportunities here. The first and most obvious scalp is the downtrend in price from the top of the channel to the bottom of the channel. It will be a drop of 4.33%.
The foundation of this trade are two indicators: RSI and OBV.
The RSI indicator was forming an ascending wedge and has already been rejected three times. Expecting a drop in the RSI towards the neutral zone and perhaps, the oversold zone, could also be possible as this trade unfolds.
The OBV indicator also highlighted a similar rising wedge. Therefore, a breakout of this will cause a drastic decrease in volume.
For this short play, the entry could be at $ 176 with a stop-loss at $ 184. The take profit would be 4.33% less than $ 166. The second position would be with the same entry and stop-loss, without However, the take-profit would be much lower, at $ 159. This exchange would produce an R of 2.1.
However, the actual take profit would be $ 150.50 with an R of 3.22. Letting the price develop after this with a trailing stop loss would be the best option to maximize profits.
In total, this short position would produce a drop of 14% with a risk of 4.5%. This also coincides with a drop in Bitcoin and Ethereum in the long-term time frame.
This is a machine translation of our English version.
Your opinion is important to us!