- Bitcoin SV price is trying to recover itself towards the upper range of the consolidation phase over the daily chart.
- BSV crypto is trading towards a 20, 50, 100, and 200-day Daily Moving Average.
- The pair of BSV/BTC is at 0.002573 BTC with an intraday gain of 2.30%.
Despite the bulls’ best efforts, the price of Bitcoin SV appears to be significantly sliding into the consolidation phase’s bottom zone. Before ascending to the upper level, BSV must first establish strong bullish support. BSV was trapped on the daily price chart between $43.77 and $65, following an exhilarating ride on the price roller coaster. On the daily price chart, the BSV coin price is moving sharply upward. To break out, the token must go upward and approach the upper trendline. Investors in BSV must wait until bulls retain their position at the upper trendline. Following the hammer candle on the daily chart, the trend for the BSV coin reversed. The token began to surge back towards the upper range as bulls pushed their limits.
As of right now, Bitcoin SV is trading at $53.57, and its market value has grown by 1.29% since yesterday. However, during the intraday trading session, trading volume fell by 9.28%. Therefore, during the intraday trading session, the rate of accumulation should be raised. The volume to market cap ratio is 0.06237.
The BSV coin price needs to attract more buyers in order to speed toward the upper trendline of the horizontal range-bound area over the daily price chart. The token needs to gather legions of buyers in order to break the pattern. However, the token is currently falling over the daily chart. For BSV to significantly grow, volume change must rise; it is currently below average. Meanwhile, 20 EMA is about to cross the 50 EMA downwards resulting in a trend reversed signal for BSV crypto.
Will BSV Crypto make it to the Upper Range?
Although price restraints and efforts to draw buyers to the area of the horizontal range-bound market were made, it currently seems as though bears are in charge of the BSV currency. The token needs to attract buyers in order to avoid getting caught in a short seller’s trap. However, the current candlestick pattern of the cryptocurrency BSV’s price behavior indicates that the trend may be about to reverse. On the daily price chart, it appears that the trend has reversed.
Technical indicators point to the BSV coin’s rising momentum. The relative Strength Index demonstrates the BSV coin’s upward velocity. At 38, the RSI is on the cusp of neutrality after leaving the oversold territory.
MACD exhibits the sideways momentum of BSV crypto inside the consolidation phase. The MACD line is below the signal line but is trying to move up towards the signal line.
Conclusion
Despite the bulls’ best efforts, the price of Bitcoin SV appears to be significantly sliding into the consolidation phase’s bottom zone. Before ascending to the upper level, BSV must first establish strong bullish support. BSV was trapped on the daily price chart between $43.77 and $65, following an exhilarating ride on the price roller coaster. On the daily price chart, the BSV coin price is moving sharply upward. To break out, the token must go upward and approach the upper trendline. Investors in BSV must wait until bulls retain their position at the upper trendline. For BSV to significantly grow, volume change must rise; it is currently below average. Meanwhile, 20 EMA is about to cross the 50 EMA downwards resulting in a trend reversed signal for BSV crypto. Technical indicators point to the BSV coin’s rising momentum. The MACD line is below the signal line but is trying to move up towards the signal line.
Technical Levels
Support Levels: $48.00 and $43.77
Resistance Levels: $55.00 and $60.00
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.