Bitcoin SV has been trading on a muted note, where all the cryptocurrencies performed outstandingly compared to the larger crypto assets. Since the fall of May 19, 2021, BSV has not made a single positive swing with respect to the closing value of $183 on May 19. The ensuing negative trend on this crypto asset has led to considerable losses to buy on dip strategies. Can BSV perform better, or is it set for doom? Bitcoin SV price analysis will provide some clarity on these queries.
Bitcoin SV Technical Analysis
100 Day Moving Average: $230
200 Day Moving Average: $212
Immediate Resistance: $170
Strong Support: $100
Negative Consolidation Zone: $92 – $100
BSV doesn’t have any indicative support other than price action, which is not a great indicator of further possibilities on this cryptocurrency. Although cheaper transaction and gas fees align with Satoshi’s original vision for cryptocurrencies, it can’t be said that Bitcoin SV is a potential candidate to claim that title. Even in the downward consolidation, the coin has made multiple attempts for a breakout but failed to solidify the steps.
Bitcoin SV price is close to its one-year low by just 30%, which could make or break its level. While there is a good scope of retracement and positive buying sentiment from these levels, the same cannot be outright expected to happen. Given the consistent negative news around cryptocurrencies, it will take some positive news into the crypto market for pushing BSV towards its moving avengers or higher resistances.
According to the Bitcoin SV forecast, the BSV price has good support on hourly charts at the level of $131. There was a good buying at these levels on July 28, and retracement back to this level could make a good buying sentiment for making a new position into BSV. On the other hand, RSI is showing a level of 40 on the histogram, which is still a neutral zone. There is no positive signal for buying; rather, all indications point to the continuity of the bear market.