When will BSV Crypto escape this annoying consolidation phase? –

  • Bitcoin SV price has consolidated within the area bounded by the horizontal range on the daily chart.
  • BSV cryptocurrency is trading at 20 and 50-EMA, but still below the 100 and 200 day daily moving average.
  • The BSV / BTC pair is at 0.002539 BTC with an intraday drop of 1.03%.

Despite the best efforts of the bulls, the price of Bitcoin SV appears to drop significantly in the lower zone of the consolidation phase. Before climbing to the highest level, BSV must first establish a broad bullish support base. BSV was positioned on the daily price chart between $ 43.77 and $ 65 after an exhilarating rollercoaster ride of prices. On the daily price chart, the BSV coin value is rapidly increasing. To initiate a breakout, the token must go higher and approach the upper trendline. BSV investors have to wait for the bulls to hold their position on the upper trend line. The daily chart shows that after the hammer candle, the trend for the BSV currency has reversed.

The market value of Bitcoin SV is currently $ 54.60, down 0.02% from yesterday. During the intraday trading session, there was a 12.78% drop in trading volume. This suggests that sellers are looking to hoard so that they can witness the token breaking. The ratio of volume to market capitalization is 0.06645.

The BSV coin price must attract more buyers to accelerate towards the upper trend line of the area bounded by the horizontal range on the daily price chart. The token must attract hordes of customers to break the pattern. However, the token is currently falling above the daily chart. For BSV to increase significantly, the change in volume must improve; it is currently below average.

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What do the technical indicators on BSV suggest?

The BSV currency appears to be under bearish control at the moment, despite efforts to control prices and attract buyers to the range-bound horizontal market area. The token must attract buyers to avoid falling into the short seller trap.

Technical signals suggest that the momentum of the BSV currency is waning. The relative strength index shows the downward movement of the BSV coin. Investors in BSV and RSI at 50 should now pay attention to any directional changes on the daily chart.

During the consolidation period, the bullish momentum of the BSV coin is evident on MACD. After a positive crossover, the MACD line is higher than the signal line.

Conclusion

Despite the best efforts of the bulls, the price of Bitcoin SV appears to drop significantly in the lower zone of the consolidation phase. Before climbing to the highest level, BSV must first establish a broad bullish support base. BSV was positioned on the daily price chart between $ 43.77 and $ 65 after an exhilarating rollercoaster ride of prices. On the daily price chart, the BSV coin value is rapidly increasing. To initiate a breakout, the token must go higher and approach the upper trendline. BSV investors have to wait for the bulls to hold their position on the upper trend line. However, the token is currently falling above the daily chart. For BSV to increase significantly, the change in volume must improve; it is currently below average. The token must attract buyers to avoid falling into the short seller trap. The RSI is at 50 and now BSV investors have to wait for any directional change on the daily chart.

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Technical levels

Support Levels: $ 50.00 and $ 43.77
Resistance Levels: $ 57.00 and $ 60.00

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.

Steve Anderson
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