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- 1 BSV coin price showed massive buying interest in the last trading session.
- 2 BSV showed a breakout of the consolidation zone and is heading toward $50.
Bitcoin SV (BSV) price showed a breakout of the consolidation zone and indicated buying interest in yesterday’s trading sessions. However, an inverted hammer candlestick formed on the chart showcases that sellers have tried their best to push BSV below $45 to prevent the supply zone and showed a rejection wick. $40 is acting as a strong resistance.
Bitcoin SV price showed range-bound moves and stayed in the congestion zone below $50. Moreover, the price action shows the indicisiveness between the bulls and bears. Amid the weak market sentiment, instead of a decline, BSV held the grip and the gains, showed an adverse reaction by breaking out the upper neckline of $35 and trapped the sellers in the past sessions.
At press time, BSV was $40.45 with an intraday gain of 7.85%, showing buyers’ interest in yesterday’s session. Moreover, the trading volume increased by 27.71% to $249.90 Million, and the pair of BSV/BTC is at 0.00147 BTC. However, the market cap of BSV is $775.15 Million. Analysts have maintained a neutral rating and suggest a positive outlook based on the technicals.
Will Bitcoin SV (BSV) Attain Follow on Gains Above $40?
On the daily charts, BSV price is trading above the significant moving averages, showing bullishness in the yesterday sessions. Moreover, follow-on buying interest was witnessed, and BSV split the cluster of $40 and trapped the mighty bears. Furthermore, BSV is now preparing for another bull ride to $50, and buying accumulation was witnessed. Moreover, the BSV price smashed the 38.2% Fib zone and will retain the 50% zone near $45.
The RSI curve showed a sharp bounce and stayed in the overbought zone, forming a positive crossover, indicating buying momentum on the charts.The MACD indicator showed a bullish crossover and giant green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Summary
Bitcoin SV price has surpassed the key moving averages and showed a golden crossover in the past sessions. Moreover, the price action is now favoring the bulls, suggesting that BSV will reach the $50 mark in the following sessions. Furthermore, the buyers have retained the momentum and are trying to trap the sellers who have maintained their grips for the past sessions.
Technical Levels
Support Levels: $35 and $30
Resistance Levels: $45 and $50
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
