Bitcoin SV Revives Positive Momentum Reaches Above $160.00

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Bitcoin SV has successfully revived its positive momentum on Thursday’s trading session
  • The cryptoasset has reclaimed the crucial mark of $160.00 with the positive move
  • The BSV/BTC pair is also having an overall profit of 1.62% bringing the current level to 0.1521631

The bulls for BSV is finally back in the market after having minor support at the level of $157.00 on Wednesday’s closing session. The CMP is $161.36 with an overall gain of 1.54% bringing the market capitalization and 24-hour volume traded to $2,991,088,566 and $592,465,831 respectively. 

Source: Coinmarketcap

The weekly price chart of BSV highlights the significant downtrend faced by the crypto asset from the starting of this month. A sharp negative fall was witnessed from the price level of $175.00 to the bottom of $160.00. After reaching the critical support area, the digital asset has been able to sustain the levels with minor downfalls at regular intervals. However, the sentiment of the bears still looks strong in the market. To capitalize on this bullish move, the price level must sustain above the mark of $160.00. 

Technical Levels Indicate Bears Still Somehow Dominates Price Levels of BSV

Source: Tradingview

The technical chart highlights the significant downtrend faced by BSV from the past month which has provided huge damage to the price levels. Currently, the price levels are making regular attempts to test the resistance placed at 0.236fib level and are getting reversals simultaneously. 

RSI levels are in the neutral range standing at 49.06. 

CCI levels have been showcasing volatility for some time now. The overbought region was hit twice followed by a downturn to the oversold region in between. 

MACD levels are showing signs of revival after a bullish crossover. 

Where BSV Can be Headed? 

The target of $200.00 which was set for BSV during its bullish momentum looks a little impractical for now. Sustainability above the price level of $160.00 also looks doubtful without a positive build-up in the overall market conditions. The resistance placed at 0.236fib level can provide reversals below $160.00. 

RESISTANCE LEVEL:  $170.00

SUPPORT LEVEL:  $157.00 & $145.00

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