The Bitcoin SV trends show that the coin is preparing to surpass the $165 level since at the start of September, the value attained the same position but faced a drop below the resistance. Following the latest Bitcoin SV news, we are reading more about the price analysis.
Bitcoin SV trends are following up in the past few days in spite of its legitimacy to remain above $165. BSV had a market cap of $3 billion at press time while being pushed out of the top 10 crypto assets. Over the past week, it seemed that Bitcoin SV was destined to finally break above the downtrend after consolidating above the 50-day moving average but another bearish pullback had brought the valuation back below the $165 region. The price dropped below the strong downtrend and the moving average will be playing as an overhead resistance for the next few days.
Looking it from a point of retesting other bottoms, the relative strength index or the RSI indicated a strong trend. The RSI for the coin is close to being dragged below the 40 levels as the selling pressure increased on the charts. if the buying pressure is not able to pull back the indicator over the next few days, the sellers could take the value down in the oversold position and the price could re-test the $150 and the $155 level. with the trading volumes being minimal, the chances of another breakout trend cannot be unseen.
While the trend incurred bearish sentiment in the next few hours, the 12-hour chart of the coin suggested that crossing long-term resistance at $180 could be stretched out. however, looking on the bright side, the trend reversal could occur in the next few days. As indicated in the charts, the ascending triangle can be observed and the moment BSV is in a good position to establish a rally above $165 again.
The stochastic RSI indicated that the momentum has been dragged down to the oversold position from the bullish crossover that could unveil. However, the trend was extremely bearish at the moment as it is important to pay attention over the next week.
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