Bitcoin SV Price Analysis: Can BSV break through its $45 short-term hurdle?

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BSV price is currently trading at $42.70 with an intraday gain of 0.70%.

Bitcoin SV price is poised to record further swings above the $45 mark. Short-term gains for the last 3 consecutive days indicate strength and signal that the bulls are regaining their muscle. Meanwhile, the price respects its lower trendline and pulls back exactly from the $41 price. If the price breaks the lower trendline, a sharp decline can be seen.

Last month, BSV hit a high near the $46 range but faced multiple rejections. Additionally, a bearish setup known as the head and shoulders pattern has formed on the chart signaling that if the price drops below $41, it triggers further decline in the upcoming sessions.

Daily chart showing war between buyers and sellers Source: TradingView

On the daily chart, BSV looks good with the recent pullback from the lower levels. On the other hand, bearish alerts are also given by the head and shoulders pattern. Investors should keep an eye on which side the coin goes for new buying or selling. However, he holds the strength, in the name of losing momentum, which is a good sign.

However, BSV price is now rejecting its 50-day EMA and trading below its 20-day EMA. Despite the market slowdown, the trend has been positive for the past 2 months and continues to make higher highs and higher lows.

Short-term chart in a congestion zone Source: TradingView

On the 4 hour chart. BSV price is trading near the upper range of the Bollinger Band and facing a barrier at $45. If the price manages to hold above $45, the trend brings it more positivity. Meanwhile, BSV is trading in the $41-$44 congestion range, beyond that trajectory it will head towards $50. If the price breaks the lower trendline, it will retest its immediate support at $39.

What do RSI and MACD say? Source: Trading View

RSI (neutral): The relative strength index suggests an unbiased view, as it was close to 50, so we can expect a swing either side.

MACD (Bearish): The MACD has been showing bearish signals for the past few days, but recently it intends to reverse the trend and is looking for a crossover.

Conclusion:

Bitcoin SV price has faced multiple rejections over the past few sessions, indicating that the bears hold their grips firmly and don’t want to give up. Additionally, the pattern reveals a downtrend, but the price is holding near support, showing that the buyers are still involved and are gradually creating longs that hold the price of the coin.

Technical levels:

Support – $35

Resistance – $50

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies during his post-grad studies. He is a fine observer of details and shares his passion for writing while being a developer. His backend blockchain knowledge helps him bring a unique perspective to his writing

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