Bitcoin SV is Trading in the Symmetrical Triangle Pattern Taking Support from 50-DMA

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  • Bitcoin SV (BSV) is trapped in a symmetrical triangle pattern, trading with intraday gains of +3.47% at $182.95
  • The pair of BSV/BTC trading in green at 0.00950471 BTC with an intraday gain of 1.51%
source: tradingview

Bitcoin SV (BSV), after a bullish move it gets bounded between bulls and bears as forming the symmetrical triangle pattern. After the high of $216.65, the profit booking pulls the coin to the lower level of $151.76, while the price recovery pulls the coin upward but facing the resistance of the higher line of a symmetrical triangle pattern. While the 50-Day Moving Average acts as the support levels in the lower side. It is currently trading above the 9, 21, and 50-DMA, indicating positive momentum in it after the falling channel pattern a breakout is observed over the 4-Hours candlestick chart. Support on the lower side is placed at $165.88, and $151.75 will be considered strong support. On the upside, the resistance is at $195 and $216.65.

The investors are advised to wait for clear momentum after completing the pattern by keeping resistance and support in mind. 

source: tradingview
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Over the daily chart, Bitcoin SV (BSV) is trading in the range of $174.28 and $187.34 lows and highs, respectively, and facing the resistance of the higher line of the Symmetrical triangle pattern. The coin is trading at 182.95 with an intraday gain of +3.47% volume traded in the last 24-Hours of $569,479,781, and the market capitalization stands at $3,399,294,130. For intraday, support is placed at $174.28, and resistance is at $195.89. 

The Relative Strength Index (RSI) is trading at 54.39; after testing the overbought zone, it is now heading towards the oversold zone.

Directional Movement Index (DMI) is trading with the significance of +DI line over -DI, indicating the bullish movement with no sign of weakness.

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Moving Average Convergence Divergence (MACD) after the positive crossover of Bull’s line (blue) over Bear’s line (red) with no sign of weakness but heading for negative crossover. 

Support levels: $165.88 and $151.75 

Resistance levels: $195 and $216.65   

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Pratik Chadhokar
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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