BSV Technical Analysis – Fall below the Fibonacci Pivot Point of $302.04
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BSV Technical Analysis – Fall below the Fibonacci Pivot Point of $302.04

April 15, 2021      Ankita Awasthi

In technical analysis, The Bitcoin SV was hard-forked from the Bitcoin open-source protocol. It is also referred to as an altcoin that is a spin-off of Bitcoin. It was created to reinstate the original Satoshi protocol and is highly scalable. It aims to become a global digital money public blockchain in the long run.

Past Performance

On April 8, 2021, BSV opened at $239.70. As of April 14, 2021, BSV closed at $275.57. Thus, in the past week, the BSV price has surged by approximately 15%. In the last 24 hours, BSV has traded between $283-$347.57.

BSV Price Analysis

 

https://www.tradingview.com/x/7FQnPGd6

Day-Ahead and Tomorrow

Currently, BSV is trading at $330. The price has increased from the opening price of $288.11. Thus, the market is bullish.

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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 start declining soon.

The RSI indicator is currently at 38%. It faced rejection at 50% and fell to the current level. Thus, selling pressures are high. Hence, we can expect the price to go down.

The OBV indicator was rising. But, for the past 4 hours, it has been slowly tapering downwards. Thus, selling pressures are building up and may soon overtake buying pressures in the market. Hence, the price is expected to start falling soon.

BSV Technical Analysis

As per technical analysis, currently, the price is below the first Fibonacci pivot resistance level of $326.71. It will fall below the Fibonacci pivot point of $302.04. It may further fall below the first support level of $277.38, as most of the oscillators have shown bearish signals.

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The price has tested and fallen below 38.2% FIB retracement level of $322.90. If by day end, the price falls below 76.4% FIB retracement level of $298.24, then the downtrend is strong. In that case, we can expect the bear-run to continue tomorrow as well.

 

#Bitcoin SV #BSV
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.