- Bitcoin SV recently dropped out of the descending wedge pattern.
- The support established at $106 has been essential to the recovery towards $110.
Bitcoin SV (BSV) was among the assets that corrected positively on Tuesday. However, that momentum fizzled out shy of the descending channel support that had been broken down following the losses on Friday, the weekend and Monday.
Although the losses aimed for $100, a low was formed at $106, which gave way for the shallow correction. At the time of writing, BSV/USD is trading at $109.65 amid low trading activity.
The bulls must push above $110 in the near-term and fight to secure the descending channel support. However, the reversal will not be rapidly based on the widening gap between the 50 SMA and the 100 SMA on the 4-hour chart.
On the other hand, the current momentum is still in the hands of the bulls. The RSI is grinding out of the oversold. However, breaking the lower high pattern formed by the RSI in the last few weeks will help to improve the technical picture and increase the investors’ confidence.
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