🔎 #BSV Analysis

The coin completed a major correction at $30. It formed the first wave of the ascending five-wave cycle according to the Elliott📈 theory. Before the transfer, there were volumes for buying. The price reacted to this decline with an impulse and returned to the local level of $50. After that, it fell to the $30 level and used it as support.
The upward wave of the cycle was accompanied by an increased volume and ended at $59. The corrective second wave maintained the upward structure of the cycle, marking a low at $38.39. The third wave of the cycle developed on even larger volumes and strengthened to $113.04 in one weekly candlestick. The correction of wave IV ended at $64.63 without breaking the ascending structure. Now the V wave of the upward cycle is forming.
Locally, in wave IV, there is a cup with a handle pattern. The formation of the pattern served as a driver for the growth of wave V. The price met resistance in the range of $127 - 117. Most likely, this is due to the fact that the unloading of positions has begun. In addition, a global correction for the #BSV coin began from this range.
The MACD indicator has marked a bullish signal in the form of a moving averages crossover. The ADX indicator indicates an increased strength of the bullish trend. The positive moving average is at 43 points and is much higher than the trend and bearish ones. The previous similar sign was observed in wave III.
Both moving averages confirm the correct development of the upward cycle. To continue it, the price needs to overcome the $125 resistance. In case the price drops significantly below $100, the upward structure may be broken, and the price may go for a📉 correction.
In the near future, I expect to see the price consolidate above the resistance and, in case of a favorable market situation, the continuation of the upward cycle. Potentially, wave V may reach $146 according to the trend extension of the Fibonacci pattern.
If BTC goes for a correction, it is possible that it will pull alts with it. But the realized profit from its growth will be distributed among altcoins, which will have a positive effect on the price of this coin.