- BSV price has exceeded the 20-day EMA and is heading toward the 200-day EMA.
- RSI has generated a golden crossover, which showcases a bullish forecast.
Based on the technical chart, the Bitcoin SV (BSV) price has been declining due to resistance from the trendline. It has reached a crucial breakout level on a daily time frame and surpassed the 20-day exponential moving average (EMA).
The BSV price has witnessed selling pressure on a wider time frame and has lost more than 60% since March. The bearish trend has halted near the $35 mark, and technical indicators show a bullish forecast.
Since July, the BSV crypto price has kept defending the last swing lows, showcasing the bullish momentum ahead. In the short term, the digital asset price has been rising due to support from the trendline.
Bitcoin SV Price Analysis
When writing, the BSV crypto was traded at $45.41, which increased by 5.15% in the past 24 hours. The market capitalization was $893.73 Million, and the 24-hour trading volume was $52.73 Million.
Analysis based on Technical Indicators
The MACD has developed a bullish crossover with the Signal line. Also, the histograms have just flipped to green. RSI has generated a golden crossover and is heading toward the overbought zone. Most technical indicators are in favor of bullish forecasts.
Could the BSV Price Remain Green Further?
Biggreendildo (@biggreendildo1) has tweeted that the BSV looks bullish in the short term. The Bitcoin SV price has formed a bullish marubozu candlestick on a 1-H time frame.
Congrats to $BSV, the Biggest Green Dildo of the Hour, +2.4% –> https://t.co/0QZyCUDUOI #BSV #crypto pic.twitter.com/UNyATtK3qG
— biggreendildo (@biggreendildo1) September 4, 2024
The momentum has neglected the bearish momentum by forming a bullish candlestick. After the bullish momentum, the BSV price has halted near the $45 mark, and buyers look strong.
Technical Analysis of BSV Price Over 1-D Timeframe
Since May, the buyers have tried to exceed the descending trendline, but sellers have won the battle. After the bearish trend, buyers seem to have found the bottom, and a bullish momentum can be anticipated.
The Bitcoin SV price has shaped a symmetrical triangle pattern on a daily time frame. Buyers may dominate if it triggers a breakout, leading the trend further. On the other hand, selling momentum can be anticipated if it witnesses a breakdown.
Suppose the digital asset price triggers a breakout from the trendline; it might be a bullish signal. Buyers might become confident over the 200-day EMA, and the momentum could be boosted. If the BSV price chart structure attracts investors, the price may easily extend to the $100 mark.
Alternatively, if the BSV crypto price slips below the previous swing low, it would be a selling opportunity. Below the $35 mark, most investors may prefer to book profit, which may result in a sharp selling. Losing this level may result in a bearish trend and may melt to a new all-time low.
Bitcoin SV Crypto Price Forecast
The technical analysis of the BSV price suggested a potential bullish momentum in the short term. The MACD and RSI indicators have favored a bullish forecast. Moreover, there are positive signs from the 1-D Timeframe as well.
If the BSV price triggers a breakout from the trendline, it could attract investors and extend to the $100 mark.
However, it’s important to monitor whether the price holds above key support levels to gauge the strength of the bullish momentum. Conversely, a breakdown from the current levels could lead to a selling opportunity and result in a bearish trend.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
