- April 9, 2020
- Posted by: icoblock
- Category: Uncategorized
- Despite weak buying pressure across trading pairs, Bitcoin SV is still up by 2.8% at the moment following its halving.
- A break above the previous high is expected to keep buyers on track.
- Nonetheless, Bitcoin SV has reactivated a short-term bullish trend following recent sudden price movement.
BSV/USD: BSV Aiming More Gains But Price Is Weak
Key Resistance Levels: $250, $260
Key Support Levels: $200, $185
As most top altcoins have seen an interesting gain since the beginning of April, Bitcoin SV has also shown a lot of strength following Bitcoin’s positive moves from $6600.
Yesterday’s surge above $200 was another significant increase that gave more green light to Bitcoin SV’s mid-term bullish sentiment. At the time of writing, BSV is trading at $217 against the US Dollar following a slight drop from $227 (marked orange) earlier today.
From a technical perspective, the setup is still looking bullish on the 4-hours chart. As much as the price keeps respecting the white ascending trend line, Bitcoin SV would remain bullish until a breakdown occurs.
Bitcoin SV Price Analysis
Bitcoin SV bounced sharply after dropping into the blue demand zone of $200 yesterday. If this area holds with a break above $227, the potential resistance to keep mind is $250 and $260, indicated red on the price chart.
This should confirm a strong bullish action for the BSVUSD pair above the grey long-term resistance line.
If the price rolls back beneath $200, however, the support to watch is $185, below the white trend line. This could be worrying for the bulls as sellers might take a quick advantage to release pressure in the market.
BSV/BTC: BSV Faces Rejections After Massive Surge
Key Resistance Levels: 0.0321 BTC, 0.034 BTC
Key Support Levels: 0.0291 BTC, 0.02754 BTC
Today, Bitcoin SV reached a peak of 0.0308 BTC following a sudden price surge from 0.02568 BTC on April 7. As of now, BSV is priced for 0.0297 per coin.
This surge led to a breakout above the crucial resistance of 0.02754 BTC and 0.0291 BTC (indicated blue on the price chart), which have now turned into supports. Looking at the current price actions, it appeared buyers are a bit weak at the moment.
Bitcoin SV is still relying well on immediate support, which means that there’s hope for a bullish continuation. Although BSV needs to clear the current high to reactivate buying pressure.
Bitcoin SV Price Analysis
In case Bitcoin SV retakes the previous high of 0.03087 BTC level, marked orange, the price is likely to reach 0.0321 BTC and potentially 0.034 BTC in the next bullish actions.
But if the first blue area – 0.0291 BTC fails to provide as support, Bitcoin SV could find a rebound at 0.02754 BTC (second blue area) in case of a breakdown.
However, a look at the huge volume from Tuesday’s buy-off indicates that BSV has started another bullish cycle, which might last for a while before running a retracement.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.