Bitcoin SV Price Analysis: BSV stands at a crucial breaking point of its future trend


  • BSV is trading at $155 after a 40% decline from its peak on August 2.
  • The digital asset has been trading inside an ascending parallel channel since 2019.

Bitcoin SV is still one of the biggest cryptocurrencies globally, currently ranked 11th by market capitalization and ignoring the criticism from the community. Several major exchanges, including Binance, delisted BSV back in 2019; however, the digital currency has remained strong.

BSV/USD daily chart

bsv price

The most notable pattern developed on the daily chart is by far the ascending parallel channel. This pattern has been developing since 2019 and although BSV price did pierce slightly above and below the trendlines, it always quickly corrected back up or down. 

Once again, BSV is on the verge of a potential bearish breakout or continuation of the pattern to the upside. The lower trendline is currently around $140, which means that a clear breakout below this level well into the $130s and a re-test of the trendline into continuation would confirm the bearish breakout of this pattern. 

BSV IOMAP Chart

bsv price

In the short to mid-terms, the most likely target for BSV would be around $75. However, in the long-run, it could drop towards $40. Although the In/Out of the Money Around Price metric from IntoTheBlock shows a fair amount of support at $152, it is lower relative to the resistance at $156 and above. The chart clearly indicates more buyers at $156 with a total volume of 318,000 BSV compared to 244,000 BSV at $152. Furthermore, towards $174, resistance continues being stronger than support.

Nonetheless, BSV has defended the lower trendline several times before. If bulls can hold it again, the price of the digital asset will most likely re-test the middle and upper trendlines at $330 and $650, respectively. 

BSV Daily Active Addresses

bsv price

An apparent increase in new addresses seems to support this idea. BSV had around 9,920 new addresses on August 23, a small number compared to the current 62,000 new addresses per day. 

Either way, investors need to pay close attention to the lower trendline of the parallel channel as it will determine the direction of BSV for the next few months. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: Bitcoin facing potential pullback before a final push to $20,000

Bitcoin is back above 60% market dominance and climbed above $13,000 for the first time since June 2019. In the past week alone, BTC's total market capitalization has increased by over $31 billion.

More Bitcoin News

Ripple Price Prediction: XRP cracks a critical resistance level and targets $0.30

XRP has been fighting with an ascending triangle pattern for around one month and seems to have finally cracked the upper boundary. If the digital asset can close above this critical resistance point, bulls will be in full control.

More Ripple News

Vechain Price Prediction: VET hits a robust resistance wall towards $0.016

Vechain, like the rest of the market, seems to be rebounding although still far away from its 2020-high at $0.0229, currently only trading at $0.0123. Over the past week, the digital asset gained around $125 million in market capitalization. 

More Vechain News

Bankers grow concerned as governments around the world rush to digital currencies

The idea of state-backed digital money is gaining traction around the globe. However, neither regulators nor the community clearly understands how it will look like and what are the consequences of this major evolutionary development in the global financial system.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast

BTC

ETH

XRP