Following recent developments in the cryptocurrency space, prices show signs of rebounding strongly. One market still remaining on the fence is the Bitcoin SV price.
Bitcoin SV Price Momentum Struggles
When Bitcoin lost a lot of value for no reason, alternative markets were very quick to shed value as well. The Bitcoin SV price is a good example, as it went down hard and fast. Today offers some sense of relief, but there is still plenty of work to be done.
Luckily, the BSV market has ample trading volume to keep things going. Right now, the BSV/USDT markets are getting a lot of attention, for obvious reasons. With over $1.67 billion in trades, sustaining today’s 13% gain should not pose any major challenges whatsoever.
BSV/USDT Technical Indicators
Bollinger Bands: After the recent BB narrowing, many people expected the Bitcoin SV price to push higher. That hasn’t been the case, as several red candles appeared in very quick succession. With this liquidity and volatility, the BBs have widened once again. That seems to confirm there will be more volatility, albeit the current liquidity can push the market higher as well.
Moving Averages: Not too much action is taking place in this regard. The MA20 and MA50 are drawing closer together, which is always interesting to keep an eye on. If these were to cross in a bearish pattern, there is a good chance the Bitcoin SV price will keep heading down.
RSI: For now, the BSV/USDT ratio remains in neutral territory. The positive sign is how the RSI is angling up again, which is usually a potential sign for a price increase. Under the current circumstances, it doesn’t help gauge the market sentiment too much, as everything comes down to Bitcoin’s momentum.
Resistance Levels: Overcoming the $315 resistance needs to happen sooner rather than later. If done successfully, the next targets will be near $335.625 and $361.2882. Those are still a long way away, however.
BSV/BTC Technical Indicators
Bollinger Bands: It is interesting to note how the BBs for BSV/BTC have begun narrowing and extended ever so slightly. That extension came after volatility to push the BTC value down. Now that the market shows signs of reversing, the Bitcoin SV – denominated in BTC – may begin increasing very soon.
Moving Averages: Not much is happening here either. The MA20 keeps flattening out, which could hint at a bearish cross with the MA50 in the very near future. The MA200 is of no real concern right now, as it is relatively flat and far removed from the MA20 and MA50 at this time.
RSI: The RSI for BSV/BTC is angling up, but there is still no clear sign of an actual bullish reversal. The momentum seems to be taking shape, but for now, the green candle has too little body to be of great importance.
Resistance Levels: The Bitcoin SV price faces some resistance near 0.03145 BTC. Further up is a big turning point near 0.03228 BTC as well. All of these can be overcome without many problems, but Bitcoin’s uneasy momentum is not helping matters much in this regard.