BSV Price Shifts to Bullish Trend

Bitcoin SV originated by changing the Bitcoin source code. BSV strives to restore the original Bitcoin protocol as set out by Satoshi Nakamoto in version 0.1 of Bitcoin. Bitcoin SV recently escaped the consolidation zone falling to the $30 level and forming support. The downfall caused the price to lose approximately 12%, and the current candle has shot up in an impulse move giving a return of +17.06% at the time of writing. Looking into the past 30 prices, Bitcoin SV had bearish momentum and has had a zone-to-zone breakout since 2022.

The news regarding the delisting of BSV from major exchanges like Bittrex and Bivalve. The cryptocurrency has been already delisted from Binance, and Robinhood recently delisted it, which induced negative sentiment in the market for Bitcoin SV. BSV price has returned back into the consolidation zone and might cross the $37 level if the bullish momentum continues.

Impulsive Move by Bitcoin SV

Experts saw delisting as an opportunity for speculation surrounding the coin, which will provide BSV with free publicity and might gain subsequent growth. This impulse move might not be sustainable, and the price might come down in the upcoming days. If the price can break above the $37.70 level, there is a higher probability for the price to touch the high of $42. While on the downside, if the price can break below $30, the price might fall, filling the bottom wick to the left formed on 3 March. The low of the wick resides at the $26.50 level.

Will Bitcoin SV price cross the $37.70 level?

RSI shot up and has crossed the 50 mark indicating strong bullish sentiment in the market. The RSI is currently trading at 55.57. The Chaikin money flow score bounced up from the 0 mark and is currently at 0.19, indicating strong strength in the market. BSV price has crossed above the 20 and 50-day EMA but remains below the 100 and 200-day EMA. 100-day EMA is currently near the resistance zone of $37.70 level, and the price might receive a rejection from the same.

The price has reached the upper band of the Bollinger band, and chances of a pullback are on the table for Bitcoin SV. The next few days can be volatile for Bitcoin SV, and traders should wait for proper confirmation before entering any bid. The longs/shorts ratio is 1.1, with 52.37% longs and 47.63% in the last 24 hours, indicating a higher position on the buying side.

Conclusion:

The market structure and price action were previously bearish for Bitcoin SV, but the current candle has flipped the whole outlook of the market. The break of the $37.70 level might shift the overall trend from bearish to bullish. The technical parameters are showing increased buyers in the market. Although, the problem with impulsive moves is that they are followed mainly by the same level of pullback in the price.

Technical levels:

Major support: $30 and $32.60.

Major resistance: $37.70 and $42.

Disclaimer

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