Bitcoin and the rest of the cryptocurrency market have been on the rise in recent days. With Bitcoin Climbing Beyond $ 40k On The Charts, Bitcoin SV [BSV] Price broke out of an ascending channel, before bouncing back to support at $ 187.39. The digital asset was trading at $ 188.44 at the time of writing, with the crypto’s price performance suggesting further consolidation.
Bitcoin SV hourly chart
Source: BSVUSD on TradingView
Bitcoin SV’s price charts highlighted the rise in price in an ascending channel, with the crypto climbing 10% in nearly two days. However, when the price of the digital asset reached the resistance level at $ 193, it recorded a sudden sell off.
Upon touching the support level at $ 187, the price reversed. There was a possibility that the price would continue to move between $ 193 and $ 187.
Reasoning
As the value of the digital asset increases higher on the price scale, volatility has also increased. However, in light of the fall in the price of crypto, volatility appears to be reducing as the bands slowly converge. Meanwhile, the bullish trend of the market has been picked up by the bears due to falling prices.
In addition, the Signal line had exceeded candle prices. But the moving average of 50 was still below the price bars. The spread highlights the vast change in price, and if the price breaks the support, the moving average can support it. Price consolidation may continue if the cryptoasset remains close to equilibrium.
The relative strength index exceeds. This indicates that BSV has been overbought by users. While its price has peaked. However, the corrections pushed the crypto-asset back into the equilibrium zone where the buying and selling pressures equalize.
Conclusion
Bitcoin SV’s price recently came out of an ascending channel. The price of the cryptocurrency may experience a consolidation phase between $ 193 and $ 187.
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