TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin SV Price Analysis: BSV falls from grace after explosive price rally

  • Bitcoin SV trades 1.5% higher despite the dramatic fall from the highs.
  • The price is now holding above the psychological 200.00 level.
Bitcoin SV Price Analysis: BSV falls from grace after explosive price rally
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BSV/USD 1-hour chart

Bitcoin SV has pulled back after hitting a high of 228.54 earlier in the session. In the price rally yesterday the pair also had a great session and today the rally continued earlier on in the session before the dramatic sell-off. Now it seems the price has consolidated somewhat and the price trades just under the 210.00 zone. 

The price has now found some support at the 55 exponential moving average (EMA). Elsewhere, the RSI has also pulled away from the overbought zone and now rests at the 50.00 mid-zone. The rally kicked off after the triangle chart pattern broke to the upside. Then the 200.00 level was taken out and it seems the bulls never looked back. The bulls still seem to be in control but a break of 213.00 would solidify the bullish bias.

Bitcoin bounces back

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Has Bitcoin really escaped the macro forces it was built to fight?

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum (ETH) has reached a key milestone in its next major network upgrade. The planned changes aim to improve Ethereum’s Layer 1 capacity and efficiency as network activity grows. The development comes as ETH retreats toward $2,500.

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple (XRP) trades largely in bearish hands on Friday near $1.40. Although the remittance token has stabilized after a sharp sell-off from weekly highs of $1.53 to lows around $1.32, the path of least resistance remains downward, unless buyers affirm a daily close above the pivotal $1.40 level.

Bitcoin: Uptober or Rektober?

Bitcoin: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.