Bitcoin SV price analysis: BSV stuck in the consolidation phase, what about the recovery?

  • On the daily price chart, the price of Bitcoin SV is falling with significant downward momentum.
  • BSV cryptocurrency is trading below the daily moving average of 20, 50, 100 and 200 days.
  • The BSV / BTC pair is at 0.002746 BTC with an intraday drop of 0.41%.

The bulls should attempt a trend reversal as the Bitcoin SV price is attempting to gain support from them. The BSV coin has been down for the past week and has lost 16% of its market cap so far this week. On the daily price chart, the BSV coin price fell with significant downward momentum. The bears are currently in charge, however, as the price is falling. BSV investors should keep an eye on the daily chart for any trend changes. BSV needs to find new buyers quickly if it is to get out of the consolidation phase and avoid taking short sellers.

At $ 52, Bitcoin SV is currently down 1.55% from the previous day’s market cap. However, the trading volume decreased by 28% during the intraday trading session. Consequently, during the intraday trading session, the accumulation rate should be accelerated. This illustrates how sellers are trying to pile up in slow motion. The ratio of market cap to volume is 0.05948.

The BSV coin price must attract more buyers to overcome the bearish momentum on the daily chart. The token tries to gain momentum in the uptrend, but has a hard time climbing higher. To correctly detect the BSV breakout from the area bounded by the horizontal range, the change in volume, which is now below average, must increase. BSV should prepare for the initial bullish challenge of the 20 SMA before aiming for further recovery measures.

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Support on the lower end is at $ 45 and resistance on the higher side is at $ 60.

What do the technical indicators on BSV suggest?

The BSV coin price struggles to attract more buyers on the daily price chart. The token must gather support from buyers in order to register its recovery phase. Technical indicators suggest the downward momentum of the BSV coin and indicate that BSV is trading towards the lower trend line. The Relative Strength Index shows the bearish momentum of the BSV coin. RSI is at 41 and is approaching oversold territory. The MACD shows the downward momentum of the BSV coin. The MACD line is below the signal line after a negative crossover.

Conclusion

The bulls should attempt a trend reversal as the bitcoin SV price is attempting to gain support from them. The BSV coin has been down for the past week and has lost 16% of its market cap so far this week. On the daily price chart, the BSV coin price fell with significant downward momentum. To correctly detect the BSV breakout from the area bounded by the horizontal range, the change in volume, which is now below average, must increase. BSV should prepare for the initial bullish challenge of the 20 SMA before aiming for further recovery measures. Technical indicators suggest the downward momentum of the BSV coin and indicate that BSV is trading towards the lower trend line. RSI is at 41 and is approaching oversold territory.

Technical levels

Support level: $ 45

Resistance Level: $ 60

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Disclaimer

The views and opinions stated by the author, or any person mentioned in this article, are for informational ideas only and do not establish financial, investment or other advice. Investing or trading crypto assets carries the risk of financial loss.

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