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Bitcoin SV (BSV) Price Analysis – May 29
Since the rise-up begin on May 21, the BSV market has continued to surge, causing the market to gain 200% within seven days of trading. Trending in the same direction, BSV markets have been revealed to be maintaining a bullish sentiment. Currently, the crypto-asset has surged 38% in the last 24-hours of trading with the current price at around the $180 level.
BSV/USD Market
Key Levels:
Resistance levels: $200, $220
Support levels: $140, $120
Having accumulated for a long period, BSV price suddenly went up to $130 area before driving low to the $90, respecting the brown 50-day moving average which has formed a support for the market since the rise-up begin. The positive climb continued upward as the volatility surges in the past eight hours trading, rising the market to the height of $190 as at the time of writing. The ongoing bullish surge might hit $200 and $220.
The recent positive move is quite revealed on both the RSI and the MACD as they convincingly trend at their overbought condition. If these indicators turn bearish, we can expect a drop to land at $140 and $120 supports. As Bitcoin SV surges, we can see the supporting 50-day moving average playing along with the uptrend. A more bullish move can be expected in the future.
BSV/USD Market
Over the past few hours, Bitcoin SV has shown some positive movement as the price escalates to 0.0269BTC as further spike could fly price at 0.028BTC, posing a fragile momentum with a massive buy-off which has suddenly increased the price.
After the sudden rise, a possible retracement move could drop the market to support at 0.0165BTC and possibly 0.014BTC, testing the 50-day MA. On the 4-hours RSI, a bullish crossover is revealed as the cryptocurrency now trades at the overbought zone. In a similar direction, the 4-hours MACD has been significantly trending at the positive zone. At the moment, the BSV/BTC pair is currently rising on the medium-term chart.
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