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๐ BSV/USDT Perpetual Technical Breakdown โ 5-Minute Chart Analysis
๐ Todayโs Trade Setup: As observed in the current chart, BSV is showing signs of retracement after testing the resistance zone around $29.28, which aligns with the 1.0 Fibonacci level. This area has acted as a short-term supply zone, rejecting the price twice, indicating strong seller interest.
๐งฎ Fibonacci Levels in Focus: The pullback from the recent high is currently testing the Fib retracement levels, and hereโs what weโre seeing:
๐ต 0.786 ($28.90): Price is hovering just above this level, attempting to find support.
๐ฃ 0.618 ($28.60): A critical level for a potential bullish bounce. If held, this could lead to a continuation toward the previous high.
๐ก 0.382 ($28.18): Below this, bears could regain control, leading to a deeper correction.
๐ด 0.236 ($27.93) and 0 ($27.51): Deeper supports to watch if the price fails to recover.
๐ RSI Divergence Alert: The RSI is at 46.99, showing weakness in momentum after the rejection. While itโs still in neutral territory, the RSI pattern shows potential bearish divergence, which could indicate a short-term correction before any bullish continuation.
๐ Key Observations:
Volume dropped after the recent pump, showing a lack of follow-through.
If price breaks below 0.618, a dip to the 0.382 or 0.236 levels becomes likely.
A bounce from the 0.618 or 0.786 levels could indicate bullish continuation toward $29.40+.
๐ Trading Strategy Idea:
1. Long Opportunity: If price bounces from the $28.60โ$28.90 support zone with bullish volume confirmation and RSI uptick.
2. Short Opportunity: If price breaks below $28.60, next support lies at $28.18, and then $27.93. A short could target these zones.
3. Always Use Stop Loss: Risk management is keyโset SL below your invalidation levels to protect capital.
