When will BSV Crypto Escape this Annoying Consolidation Phase? –

• Bitcoin SV price has been consolidating inside the horizontal range-bound area over the daily chart.
• BSV crypto is trading at 20 and 50-EMA but still below 100 and 200-days Daily Moving Average.
• The pair of BSV/BTC is at 0.002539 BTC with an intraday drop of 1.03%.

Despite the bulls’ best efforts, the price of Bitcoin SV appears to be significantly dropping into the bottom zone of the consolidation phase. Before going up to the higher level, BSV must first establish a large bullish support base. BSV was positioned on the daily price chart between $43.77 and $65, following an exhilarating ride on the price roller coaster. On the daily price chart, the value of the BSV coin is increasing swiftly. To begin a breakout, the token must go higher and get in close proximity to the upper trendline. Investors in BSV must wait it out until bulls retain their position at the top trendline. The daily chart demonstrates that after the hammer candle, the trend for the BSV currency reversed.

The market value of Bitcoin SV is currently $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 seeking to accumulate so they may witness the breakdown of the token. The volume to market cap ratio is 0.06645.

The BSV coin price needs to attract more buyers in order to speed toward the upper trendline of the horizontal range-bound area over the daily price chart. The token needs to draw hordes of customers in order to break the pattern. However, the token is currently falling over the daily chart. For BSV to considerably rise, volume change must improve; it is currently below average.

What do Technical Indicators suggest about BSV?

The BSV currency looks to be under the control of bears at the moment, despite efforts to control prices and draw buyers to the area of the horizontal range-bound market. The token needs to attract buyers in order to avoid getting caught in a short seller’s trap.

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

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

Conclusion

Despite the bulls’ best efforts, the price of Bitcoin SV appears to be significantly dropping into the bottom zone of the consolidation phase. Before going up to the higher level, BSV must first establish a large bullish support base. BSV was positioned on the daily price chart between $43.77 and $65, following an exhilarating ride on the price roller coaster. On the daily price chart, the value of the BSV coin is increasing swiftly. To begin a breakout, the token must go higher and get in close proximity to the upper trendline. Investors in BSV must wait it out until bulls retain their position at the top trendline. However, the token is currently falling over the daily chart. For BSV to considerably rise, volume change must improve; it is currently below average. The token needs to attract buyers in order to avoid getting caught in a short seller’s trap. The RSI at 50 and now BSV investors must wait for any directional change over the daily chart. 

Technical Levels

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

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.    

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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