Bitcoin SV Price surged 41%; BSV price attracted investors?

• Bitcoin SV Price Prediction suggests a rise and showing signs of trend reversal.
• Bitcoin SV Price surged 41% on a single day and attempted to break $40.00.
• BSV Price breaks 50 day EMA showcase short term trend is bullish.

Bitcoin SV Price surged 41% approx on a single day and attempts to break out of the $40.00 hurdle level. If formed a bullish reversal pattern and buyers are trying to sustain the price on the higher levels. BSV Price engulfed the losses of the past two months and buyers seem to be returning back to track. 

Bitcoin SV Price managed to climb above the 50 day EMA showcase short term trend has turned in the upward direction. However, the buyers are also trying to break the 200 day EMA to turn the positional trend in the upward direction. 

Bitcoin SV, a competitor of Bitcoin (BTC) bounced back when BTC was in a declining phase which attracted the attention of investors. It witnessed a massive spike in buying volume showing some genuine buyers had taken long positions. They seem to be expecting the BSV crypto rally to continue in coming months. 

Bitcoin SV price is trading at $40.32 with an intraday decline of -5.51%. The 24 hour volume to market cap ratio is 0.5307 and volume increases by 880%. At the mid of March, BSV Price took support near $32.00 and slowly began to recover. 

But it lacked the momentum near $40.00 and got stuck into the narrow range of between $30.00 to 40.00. Recently, BSV price has broken out of the higher range and created a hope for the trend reversal.

More rally possible in Bitcoin SV() Price?

Bitcoin SV price has not performed well in the past few months and traded sideways for quite a long period of time. If the buyers succeed to hold the $40.00 level then upward momentum might continue and bulls may try to test $50.00. However, if the price slipped below $40.00 then it will try to retrace downward to 50 day EMA. 

The price and volume analysis both indicate that the up-move seems reliable and prices likely to hold the higher levels. On the other hand, if price rejected $40.00 and also dropped below EMA then it can be interpreted as a bull trap. 

BSV Price turning bullish on multiple time frame

BSV price is turning bullish on a daily and weekly time frame which increases the confidence of the investors. However, It will be interesting to see that the up-move is sustainable or just a trap. 

The technical indicators like MACD had generated a fresh positive crossover and histogram bar is on rise. It indicates bullish momentum might continue in coming months. The RSI at 41 denotes strength and bulls returning back to track. 

Conclusion

Bitcoin SV Price surged 41% on a single day and showed signs of the bullish trend reversal. BSV price will gain further momentum when buyers succeed to hold the $40.00 level. Technical analysis suggests the up-move in Bitcoin SV price is sustainable and bulls seem to be returning back to track.

Technical levels

Resistance levels : $50.00 and $54.00

Support levels : $35.00 and $30.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.