Bitcoin SV’s surge 3 days ago was a sight to behold; with a 25.75% surge in 24 hours, the price of BSV went from $118 to $171. This surge was a breakout from the ascending triangle and after this surge, the price has hit a roadblock and it seems like there are a few probable ways in which the trend could play out.
The BSV token holds a market cap of $3.181 billion with a 24-hour trading volume of $3.23 billion. Moreover, the token stands as the sixth-largest cryptocurrency in the world based on market cap and is just below its rival, Bitcoin Cash.
- As BSV token trades at $161.80, it is slightly above the 200-day MA, hence today’s close will be critical in deciding the token’s next course.
- The price stands to gain 29% or lose 20% depending on today’s close.
24 Hour BSV Chart
The one day chart or the longer time frame indicates a bullish take for the BSV token in the days to come. After the breakout from the ascending triangle, the coin surged by 25% and is now gathering momentum by moving sideways. As the coin moves sideways, the set up looks due for another bullish breakout. This time, the upside target is 29% at $205 with a small stop at $175.
For the bullish scenario to take place, the price has to close above $160 aka the price at which the 2000-day MA was seen at the time of writing. This would provide a concrete sign that more bullish movement is yet to come. As mentioned, the rise to $205 is paved with a small resistance at $175 and a retest of the 200-day MA.
However, if the price fails to close above the 200-day MA, then the obvious trend would be downward. The first support that BSV will face is at $126, the horizontal resistance of the ascending triangle seen between March 13 to 18. In case, the bearish momentum does not stop at $126, the next levels would be $107 and finally and hopefully, an interim bottom at $95.19.
The Aroon indicator which has two important lines, the Aroon up line (white) and the Aroon down line (red). The former indicates the strength of the uptrend and the latter, downtrend. This indicator showed that the downtrend aka the Aroon down line was waning, thus indicating a decline in the sellers aka the bears. Further solidifying the bullish narrative.
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