- Bitcoin SV traders noticed a sudden rise in the coin in the intraday trading session, resulting in the price of the coin staying in the green zone by 15.3%.
- Buyers today pushed BSV’s price above the 50 EMA but failed to manage above it in the daily price chart.
- The daily RSI indicator corrected sharply and moved towards the semi-line (50 points).
As Bitcoin price managed above $21K in the intraday trading session, speculators noted a sudden buying force in bitcoin SV coin, causing BSV price to move towards the 100-day exponential moving average against the daily price chart.
Near the $65 mark, the bears started a selloff, as a result, BSV cut its gains and moved closer to the $50 mark. Thus, at the time of writing, the BSV token was trading at the $52 mark at the time of writing.
If the bulls close the daily price candle above the $50 area, it could act as an important short-term support level. On the other hand, today’s high at $66.2 could act as a bullish barrier.
Meanwhile, the market is going to record $1 billion with an increase of 15.3% in the last 24 hours data of CMC. Similarly, the USDT pair, Bitcoin SV coin, and Bitcoin pair is trading in the Green Zone with a gain of 23.7% at 0.002327 satoshis.
If the price falls below the $50 mark, the BSV speculators may again witness further selloff. However, the trading volume has increased by over 170% in the last 24 hours. In addition, Today’s buyers pushed the BSV price above 50 EMA but failed to manage above it in the context of the daily price chart.
The BSV token saw an unexpected rise during the ongoing collapse. Several questions arise here:
Is this rebound sustainable?
For how long can buyers sustain the BSV price during the terrible sell-off?
Is this the end of the sell-off?
RSI sudden moved towards semi-line
The daily RSI indicator corrected sharply and moved towards the halfway mark (50 points) as the BSV price corrected. But near the 50-mark, buyers may see a pullback.
ADX continues to move down and Bitcoin SV is showing weak bullish momentum.
Conclusion
Everyone is keeping an eye on today’s closing price to predict the jungle ahead. Bulls may approach higher momentum if its price is above the $50 mark, but on the other hand, BSV could turn bearish again if Bitcoin sees another decline.
Resistance level- $66 and $100
Support levels- $50 and $40
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.
