In new technical analysis, Bitcoin SV (BSV) is an altcoin that was hard-forked from the world’s largest cryptocurrency Bitcoin. The BSV blockchain ecosystem is highly scalable, processes large volumes of data instantly, and facilitates nano payments. Developers can leverage these advantages of the BSV platform to build powerful decentralized apps that can change the face of digital currency in the future.
On April 12, 2021, BSV started trading at $276.88. As of April 18, 2021, BSV closed at $318.86. Thus, in the past week, the BSV price has soared by roughly 15%. In the last 24 hours, BSV is trading between $274.56-$351.20.
Day-Ahead and tomorrow
Currently, BSV is trading at $333.17. It was trading at $340, a few hours back. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to decline further.
The RSI indicator faced rejection at 51% and is currently at 47%. Thus, the RSI indicator is showing high selling pressures. High selling activity will exert downward pressure on the crypto price. Thus, like the MACD oscillator, the RSI indicator too is pointing towards a further price drop.
However, the A/D indicator is upward sloping. It is showing bullish divergence. This implies that the price uptrend is slowly gaining strength as whale accumulations are much higher than whale distributions. Since the other oscillators are showing a price dip, we have to wait and watch out for any impending trend reversal.
BSV Technical Analysis
As per the technical analysis, the price is above the Fibonacci pivot point of $314.87. We can soon expect it to fall below the pivot point and further below the first support level of $285.60. Thereafter, we have to see if the price starts rising as buying volumes overtake the selling volumes in the BSV market.
The price has currently fallen below the 23.6% FIB retracement level of $331.70. If it falls below the 138.2% FIB retracement level of $246 by day end, then probably the price downtrend is strong and is likely to continue tomorrow as well.