BSV Price Analysis: Major Pump Leaves Traders Wondering
As crypto markets brace for major movements, Bitcoin SV price has undertaken a major +2-% BSV price pump, leaving some side-lined traders asking ‘is it too late to buy Bitcoin SV?’. Find out in BSV Price Analysis.
This comes as markets sit on the precipice of a huge fundamental winds, stemming from tomorrow’s highly anticipated Bitcoin Spot ETF decision by the SEC, and the upcoming excitement for the Bitcoin halving event in late April 2024.
Yet, question marks remain over ongoing BSV price action due to an imminent removal of support for BSV on the Coinbase app – which could limit onboarding of new entrants and knock the confidence of holders.
BSV Price Analysis: Will BSV Bounce or Flounder?
As price action fights for support, Bitcoin SV is currently trading at a market price of $89.21 (Representing a 24-hour change of -3.84%).
This comes after a major -37% retracement over the past week saw BSV price drop down in a retest of 20DMA support.
The 20DMA has been critical in providing under footing to much of recent upside Bitcoin SV price action, and now stands at around $77.54.
Meanwhile the 200DMA remains below the current trading channel, around a market price of $44 – providing a baseline of lower support.
Recent price action saw a major +20% pump yesterday, as price rallied from the 20DMA, now in localized consolidation – a possible emergent panhandle pattern could suggest a bullish outlook on the short time frame.
However, despite the retracement dip, the RSI has struggled to cool-off to any substantive degree – with the key indicator still showcasing bearish divergence at an overbought 63.18.
As for the MACD, bearish outlook also dominates the picture, with minor divergence at -0.41.
Overall, Bitcoin SV looks relatively strong here, with all eyes waiting to see a successful consolidation following the recovery pump – if this holds a bullish panhandle points the way.
To the upside, BSV price is left with an upside target at $102.42 (a possible +12.38%).
While downside risk could see BSV price drop down to 20DMA support at $77.54 (a potential -14.92%).
This leaves Bitcoin SV price with a risk: reward ratio of 0.83 – a sub-par entry worth awaiting a later entry – possibly suggesting it is indeed too late to buy BSV.
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