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BSV Technical Analysis: Will The Downtrend Reach $40?

Analytics

cryptoknowmics.com 04 June 2022 04:48, UTC
  
Reading time: ~2 m

BSV price action shows a bullish failure to surpass the long-coming resistance trendline. Will this rejection result in the $47 fallout? Key technical points:

  • The BSV market value increased by 3.15% today at press time.
  • The price action shows a double bottom pattern failure.
  • The 24-hour trading volume of Bitcoin SV is $174 Million, indicating a hike of 21.83%.

Past Performance of BSV

For the past six months, the BSV price has been lowering under the influence of a descending trendline. Thus, multiple reversals from this dynamic resistance indicate the traders are actively selling at this trendline and have carried the downtrend to a new lower low of $45.67.  However, the buyers have mounted support at $47m initiating a lateral walk. TradingView Chart Source- Tradingview

BSV Technical Analysis

The BSV price has been wobbling between the $56.4 and $47 mark over the past three weeks, suggesting a minor consolidation phase. The recent price has driven the altcoin back to overhead resistance ($56.4), but the high supply pressure prevents a bullish breakout. Furthermore, a long-wick rejection attached to today's daily candle hints at reversal possibility. The RSI slope shows a gradual recovery from the oversold zone, surpassing the 14-day SMA and reaching the halfway line. Furthermore, the MACD indicator shows the fast and slow lines avoiding bearish crossovers to maintain the uptrend in motion. In a nutshell, BSV technical analysis displays a high possibility of a retracement to $47.

Upcoming Trend

The expected reversal from the $56.4 resistance could slump the BSV price 13% lower to the $47 mark, indicating the range rally would continue for a few more sessions. However, this narrow consolation act as a no-trading zone and interest market participants should for its breakout to determine the following rally. On the other hand, the fallout from the $47 support would sink the altcoin to $40 psychological support. Resistance Levels: $56 and $65 Support Levels: $50 and $47  


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