Did Just BSV Formed A Bullish Signal? How About Its Success Rate?January 23, 2020
Many would agree that Bitcoin SV (BSV) has disappointed many crypto investors last year. However, according to crypto analysts, if you are looking forward to a great return in a matter of 3 to 5 years, then BSV is worth the watch from now on.
BSV is now among the best performing cryptos in the market. It delivered good market performances during the first weeks of January. In fact, it reached an 18% gain on January 15th, which resulted to a 53% upward during the second week of January.
On January 18th , despite a dip below the resistance level of $255.62, the crypto asset still found a support level at $236. That support level is close to the 61.8% Fib retracement area transfer from $77.203 to $458.74. So, it’s no surprise why the bulls are making an effort to resume the up move.
Is BSV Forming A Bullish Signal?
Lately, many crypto analysts have noticed that Bitcoin SV is forming a bullish pattern. The said bullish pattern is seen with a short-term moving average that is near above the BSV’s long-term moving average.
Following the surge by a parabolic 50%, Bitcoin SV achieved the mettle. So, from $77.2, it reached the $458.74 level, and that happened in less than a month.
According to the bulls, Craig Wright, who claims to be the BSV founder, can possibly sell a portion of the allegedly BTC holdings in exchange for Bitcoin SV. However, it was confirmed that Wright does not hold the private keys.
Despite that confirmation and a bit of bothering to the bulls, they remain steadfast to pushing the Bitcoin SV into upside exhaustion. As a result of the move, the technicals of BSV has improved and then, formed a bullish pattern. If the bulls can sustain it, then a further bullish signal will be enjoyed by the investors.
BSV’s Bullish Pattern Can Hold A Success Rate of 60% to 64%
The formation of a bullish signal or the so-called “Golden Cross” pattern holds a 60% to 64% success rate.
Although many have already expressed that the forming bullish pattern is good news, some analysts have expressed that it’s not always the case.
According to crypto analyst Ian McMillan, a few of the most respected crypto technicians do not buy the hype. To him, the topic is interesting to talk about, but the BSV’s validity to be bullish is lacking in a ton of merit.
That being said, it’s still good to note that Bitcoin SV is performing well in the crypto space. Not only that, many anticipating better performances in the next few days, and the bulls will continue to build strength.
In the coming days, whether or not the controversies about the Golden Cross will remain, traders still have good hopes on BSV. Not only that, it seems that they are not fully affected by the confirmation that Wright fails to present the private keys.