- The price action of the Bitcoin SV coin is giving a bullish divergence signal according to the upward trend line.
- The 20 EMA (green) appears to be a major bullish barrier for BSV investors.
- With a bit bullish, the RSI is about to approach the halfway mark (50 points) in terms of the daily price chart.
Bitcoin SV appears to be in a bounce-back mood as the coin took support at a bullish trend line (blue). However, the bears failed to pull the BSV coin price below $75 (strong buy zone). Meanwhile, the price action of the BSV token on Tuesday reflects a bullish Doji candle.
The Bitcoin SV (BSV) coin gave a double top formation in the context of the daily price chart near the 100 EMA (Yellow) before a selloff. The 100 EMA is likely to act as an important resistance for the upcoming trading sessions.
At the time of writing, the price of BSV token is seen below the 20 and 50 EMAs on the daily chart, which could affect the recovery. Thus, the asset is trading at $86.6 with an increase of 4.1% over the last 24 hours according to CMC. Furthermore, the BSV token belonging to the bitcoin pair is looking to swoop slightly below 1% at 0.0021 satoshis.
So BSV turned up, but volume did not reflect trader activity for the asset. Last night, a drop of 8.8% indicates a lack of liquidation against the current trend.
Is the $100 mark resistance?
The RSI is targeting the halfway mark (50 mark) after returning from the 37-level. Similar to BSV price action, the RSI failed to break above the previous swing lows on the daily price chart.
The ADX indicator slips lower and reaches the 22 mark, which suggests a weak recovery mode for Bitcoin SV coin.
conclusion
Near the 50 EMA, buyers have an excellent shot at pulling Bitcoin SV towards the 200 EMA line. As long as BSV price stays above the bullish trendline (blue), the bulls can often dominate the trend.
Support level – $75 and $60
Resistance level – $100 and $120
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
