When will BSV Crypto escape this boring consolidation phase? –

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  • Bitcoin SV price has consolidated inside the horizontal area delineated on the daily chart.
  • The BSV crypto is trading at the 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 decline of 1.03%.

Despite the best efforts of the bulls, the price of Bitcoin SV appears to be dropping significantly into the lower zone of the consolidation phase. Before rising to the higher 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 ride on the price rollercoaster. On the daily price chart, the value of the BSV coin is rising rapidly. To start a breakout, the token must move higher and approach the upper trendline. Investors in BSV should wait for the bulls to hold their position on the upper trendline. The daily chart shows that after the hammer candle, the trend of the BSV currency reversed.

The market value of Bitcoin SV is currently at $54.60, down 0.02% from yesterday. During the intraday trading session, there was a 12.78% decline in trading volume. This suggests that sellers are looking to accumulate in order to witness the token breakdown. The volume to market capitalization ratio is 0.06645.

The price of BSV coins needs to attract more buyers in order to accelerate towards the upper trendline of the horizontal area demarcated on the daily price chart. The token must attract hordes of customers in order to break the pattern. However, the token is currently falling on the daily chart. For BSV to increase significantly, volume change must improve; it is currently below average.

What do technical indicators suggest about BSV?

The BSV currency appears to be under control of the bears at the moment, despite efforts to control prices and draw buyers into the limited horizontal market area. The token must attract buyers in order to avoid being caught by a short seller.

Technical signs suggest that the BSV currency’s momentum is waning. The relative strength index demonstrates the downward movement of the BSV coin. Investors in the BSV and RSI at 50 should now watch for any direction changes on the daily chart.

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

Conclusion

Despite the best efforts of the bulls, the price of Bitcoin SV appears to be dropping significantly into the lower zone of the consolidation phase. Before rising to the higher 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 ride on the price rollercoaster. On the daily price chart, the value of the BSV coin is rising rapidly. To start a breakout, the token must move higher and approach the upper trendline. Investors in BSV should wait for the bulls to hold their position on the upper trendline. However, the token is currently falling on the daily chart. For BSV to increase significantly, volume change must improve; it is currently below average. The token must attract buyers in order to avoid being caught by a short seller. RSI at 50 and now BSV investors should wait for any direction change on the daily chart.

Technical levels

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

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Steve Anderson
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