Home
News
- Bitcoin SV price is underperforming under a descending parallel channel.
- BSV price stays just above the key hedge zone for buyers.
- The Bitcoin SV coin is up 2.8% with the bitcoin pair at 0.002581 satoshis.
Bitcoin SV price is following bear orders after receiving a high price rejection near the $66 resistance area over the past few weeks. Price action formed a double top pattern just below this resistance area, which resulted in the bears leading the downtrend so far.
Against the USDT pair, Bitcoin SV Coin (BSV) is trading at the $50.18 mark at the time of writing. Buyers are far away from the BSV token, so the daily price candle looks neutral today. Despite the downtrend, buyers are up around 4.09% this week. Thus, the Bitcoin SV coin is up 2.8% with the bitcoin pair at 0.002581 satoshis.
After slipping below the $60 support level, the price action of Bitcoin SV draws higher-lows and lower-highs formation on the daily price chart. Bears found the falling parallel channel to dominate BSV price lower. Nevertheless, bulls started accumulating the crypto to move asset prices out-off the bearish channel.
Buyers are pushing the BSV price higher towards the resistance trendline of the bearish pattern. Now the $60 level may act as a resistance level in upcoming trading sessions. Besides, the $40 to $47 zone stays as a hedge zone of bulls. However, trading volume is low this week, even though speculators saw a increase in volume of 37% overnight.
Buyers Manage BSV Value Above 20-DMA
In terms of the daily price scale, the Bitcoin SV coin is remaining above the 20 day moving average which acts as an immediate support zone for bulls. Now the 50-DMA (Blue) will be the next resistance level ahead.
Thus the daily MACD indicator is gradually moving higher towards the neutral zone. Still both moving lines remain in the negative zone.
Conclusion
The Bitcoin SV coin (BSV) is expanding towards the 50 day moving average after successfully sustaining price above 20-DMA. MACD indicator also supports buyers. In upcoming trading sessions, the $60 level may act as a resistance level.
Support level – $47 and $40
Resistance level – $60 and $100
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
