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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.

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