Bitcoin SV price analysis: BSV/USD fails in the attempt to retake channel support

  • 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.

BSV/USD 4-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

The Cryptocurrency Market Update: Bearish mood pushhes Bitcoin to channel support

The bearish sentiments are growing stronger. The cryptocurrency market has been in retread since the beginning of the week, though bitcoin and all major altcoins have not left the boundaries of the recent ranges. 

More Cryptocurrencies News

EOS/USD drops amidst growing centralization concerns

EOS/USD has had an interesting December so far, to say the least. While its price has moved pretty sluggishly, there are a lot of pieces moving in the background. Let’s take a closer look at all these moving parts and see how the price is acting in different time frames. 

More EOS News

Tron Price Analysis: TRX/USD defends $0140 support for the second time

Tron has been disintegrating since the highs formed in November at $0.0230. The buyers tried to nurse initial losses in a range between $0.0180 and $0.0200 but failed. 

More Tron News

Ethereum Market Update: ETH/USD sluggish as Ice Age fears mount

Ethereum Foundation is working towards the migration Ethereum network from the Proof of Work (PoW) consensus to Proof of Stake (PoS). However, the network’s block difficulty started growing in November 2016. 

More Ethereum News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast