Overall, today has been a good day for most of the cryptocurrency markets. A small dip and accumulation phase has been completed, thus the overall uptrend can resume without too many problems.
For fans of the Bitcoin SV price, the bullish momentum appears to be returning in force. Breaking $400 may prove a bit difficult in the short-term, however.
Bitcoin SV Price Momentum Picks up
It has been a very interesting week for all cryptocurrency markets. With a few ups and only one minor down to contend with, most of the bullish momentum remains intact. That applies to the Bitcoin SV price trend as well, even though it too suffers from minor bearish pressure today. That is only normal, as Bitcoin has lost some steam temporarily.
This past week, the Bitcoin SV price has increased by another 24.6%. It is not the steep run of a few weeks ago, but the overall trend seems to hint at pushing well past $350 again. For now, one BSV sits at roughly $350.5, thus the coming days will prove very interesting indeed.
There is ample interest among traders to explore BSV/USDT trading pairs today. All of the five top trading pairs are linked to Tether. Exchanges to keep an eye on include HotBit, MXC, Huobi, OKEx, and Bibox. It is still unfortunate that Binance removed BSV from its platform, as many traders would love to see that option return.
BSV/USDT Technical indicators
Bollinger Bands: Following the recent narrowing of the BB channel, a new widening has occurred. This is in line with the current Bitcoin SV price trend, as it pushes the price slightly higher. No real confirmation of a continuing bull trend has formed on the daily chart just yet. That may indicate that the accumulation phase isn’t over.
Moving Averages: No real chance is detected regarding the moving averages. The MA20 remains well ahead of the MA50 and MA200. It does appear as if the MA20 and MA50 are drawing closer to one another to form a potential bearish crossover in a few days. Caution is advised for traders who want to chase this current uptrend, albeit there is still some short-term profit to be made.
RSI: After moving into “overbought” territory again on the daily, BSV has to perform strongly. It seems to meet little resistance near $350, indicating that a higher price is certainly possible to attain. How high that price will go, is a different matter altogether.
Resistance Levels: The current Bitcoin SV price is a resistance level of its own. A previous attempt to break through $350.43 was somewhat successful, but it generated an incredibly long wick. So much even that the wick was almost longer than the volume candle itself. A new attempt at breaking this level – if successful – could send the BSV price all the way to $455 without too many problems.