BSV Price Analysis: Could the BSV Price Recover from the Bottom?

On a wider time frame, the BSV price has performed negatively and has slipped below the key moving averages.  When writing, the bearish trend halted

The price of BSV has declined sharply on the wider time frame and slipped below the key moving averages.

At the time of writing, the bearish trend had paused around the $30 hurdle, showing bullishness. The price formed an ‘Inverted Head and Shoulder’ pattern, attracting buyers.

The digital asset price has declined since March, forming lower lows and lower highs and losing 57.75%. In July, the sellers tried hard to create a lower high, but the buyers were strong.

During this bearish trend, the BSV crypto price tried hard to take support at the $45 hurdle and consolidated within a narrow range for 2 weeks. However, the sellers were strong, and the price breached this range. The liquidity below the $45 level got grabbed.

The Bitcoin SV token price was trading at $52.85 and remained unchanged in the past 24 hours. The market capitalization was $1.06 Billion, and the 24-hour trading volume was $114.65 Million.

Only Sell Remains After The Breakout And Retest

As per the chart structure, the Bitcoin SV crypto price had declined due to resistance from a trendline. The price had triggered a breakout and surged by 25% after retesting.

The price had taken support on the 20-day EMA and was heading for the 200-day EMA. If the price manages to cross above the 200-day EMA, a buying opportunity might get generated.

Moreover, if the chart structure manages to invite the traders, a trend reversal can be seen.

On the other hand, if the crypto asset price faces strong resistance from the 200-day EMA, sellers might get confident about the lower high territory. If the BSV price slips below the 20-day EMA, strong selling pressure can be seen.

Coming to the technical indicators, the Bitcoin SV price had crossed above the 20-day EMA and was eyeing the 200-day EMA mark. The RSI had quickly recovered into the overbought zone, creating a bullish divergence.

Can BSV Price Price Recover From The Bottom?

According to a source on X, the BSV price has the potential to perform positively. On a monthly time frame, the price had breached below a rising channel and took support on an ascending trendline.

$BSV channel.

(I don't favor or hate any coin but focus on a chart and momentum)

#BitcoinSV #Crypto #Blockchain #BSV pic.twitter.com/Zi890JdTVe

The BSV price had formed a double-bottom on the trendline, and a strong bullish move was expected at press time.

Will BSV Price Price Recover Past Losses?

The recent surge in volume and subsequent price increase of BSV are promising. At the bottom, the formation of an ‘Inverted Head and Shoulder’ pattern and a successful breakout and retest from a trendline could be bullish.

Meanwhile, the technical indicators and analysis suggested a positive outlook. It’s crucial to remain cautious as the price approaches key resistance levels, especially the 200-day EMA.

Technical Levels

Around the $65.00 and $100.00 levels, bullish momentum in the BSV price could face resistance. Near the $45.00 and $30.00 mark, bearish momentum could be halted.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

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