BSV Technical Analysis: Trendline Breakout Rally Struggles To Sustain 

BSV prices surpass the resistance trendline with the 20% overnight reversal but struggle to sustain above the broken trendline.

Key technical points:

The market price has increased 20% over the past 24 hours.The price action shows a higher price rejection in the breakout candle.The 24-hour trading volume of Bitcoin SV is $497 Million, indicating a hike of 250%.

Past Performance of BSV

As mentioned in our previous article, BSV prices broke under the $50 mark to test the $47 support level after facing rejection from the resistance trendline. However, the buyers quickly overtook the trend control with a lower price rejection to form a morning star pattern leading to the bullish breakout of the resistance trendline. The surge in buying pressure helps the reversal pattern crack above the trendline, but it struggles to sustain above the broken trendline.

TradingView Chart

Source- Tradingview

BSV Technical Analysis 

The bullish candle in the morning star candle shows higher price rejection which lowers the possibility of BSV prices sustaining above $55. Hence, traders hoping for a bullish continuation in the long-term must wait for the price action confirmation. The MACD indicator displays the fast and slow lines return to the bullish alignment as it avoids a bearish crossover following the merger. In addition, the resurging positive trend in MACD histograms is a sign of growing buying pressure.

The RSI slope displays a sharp V-shaped turnaround from the oversold boundary and beats the 14-day average line to get close to that halfway point. Thus, the RSI indicator shows growth in bullish sentiment, adding some points to the upside trend continuation theory. Thus this indicator shows an impressive increase in buying pressure, supporting the bullish breakout rally of the resistance trendline. In short, the BSV technical analysis predicts a high likelihood of the prices recovering over the day to continue the bullish trend.

Upcoming Trend

Suppose the breakout candle undermines the higher price rejection to close above the broken trendline; the BSV prices will skyrocket. The bullish breakout rally will surpass the $60 mark and test the sellers above $70.

Resistance Levels: $60 and $70

Support Levels: $50 and $45


Share this post:

Share on facebook
Share on twitter
Share on pinterest

Post comment

Your email address will not be published. Required fields are marked *