Source: BSVUSDT 1D Chart by TradingView
In November 2022, the BSV price was trading within the range of $49 to $34. From March 2023 to May 2023, there were several attempts to break the support level between $34 and $30, but those attempts failed. However, in June 2023, the price did break below the support range but quickly rebounded, resulting in a breakdown failure that trapped sellers. As a result, the price returned to the range between $49 and $34. At present, BSV is trading above the $34 to $30 support level, indicating the presence of buyers in that range. If the price can sustain above this level, we might anticipate an upward movement towards the next resistance at $49, and if it breaks above that level, the next resistance is at $68. On the other hand, if the price fails to hold above the $34 to $30 support level range, we could see it move toward the next support at $23.92.
The exponential moving average (EMA) lines of 50 (blue line) and 200 (red line) are closely aligned. If there is a crossover in the coming days where the 50 EMA crosses the 200 EMA from the downside to the upside, it could be interpreted as a bullish signal, indicating potential upward momentum.
The Relative Strength Index (RSI) is currently indicating a sideways movement, suggesting that the price might remain in a horizontal pattern for a period.
Source: BSVUSDT 1D Chart by TradingView
The MACD indicator currently indicates a bullish trend due to the crossover of the MACD line, with the blue line crossing above the yellow line from the downside to the upside. This crossover suggests a potential shift in momentum towards the bullish side. However, to maintain the bullish momentum, it is crucial for the price to remain above the support level of $30.
As of the current market situation, the BSV price is holding above the support range level of $34 to $30. If the price continues to sustain above this support range, there is a possibility of witnessing an upward movement in the BSV price toward its next resistance level, which is $49. On the other hand, if the price fails to maintain support above the $34 to $30 range, it may potentially move downwards toward its next support level, located at $23.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.