Bitcoin SV (BSV) Hits Two-Month High: Is It a Rally?

If there is one less cryptocurrency in the past two years, Bitcoin SV tops the list due to its price action and consistently high trading valuations. While most of the cryptocurrencies remained dormant throughout 2020, BSV was trading near the $150 support and profit booking near $180. This price action continued for a long time until the upside rally we saw in April 2021 formed a new yearly high of $490.

Now, coming down to the valuations regarding volatility in this year. Investors can express great confidence in the Bitcoin SV cryptocurrency, but the fact that it has been trading in this small area for the past two years outweighs blind expectations. Most cryptocurrencies, be it Bitcoin or Ethereum, or XRP, never made it to a new year low after a massive rally in the first half of 2021. Nevertheless, BSV, after breaking its immediate support at $190, broke the $115 level.

Bitcoin SV has immediate resistance at $190, which has active support at the $132 and $154 levels. For immediate levels, BSV price has taken support from the $154 level but if it breaks this support, it will drop to the $132 level which will be a good buying opportunity.

bitcoin sv price analysis

Bitcoin SV (BSV) Hits Two-Month High: Is It a Rally?

On the daily chart analysis of the last three months, we can see a nice upside movement, but on a percentage scale, it is very small. There has been no profit-booking in this rally as compared to other cryptocurrencies. This is a sign of strength which is supported by increasing volume and persistent RSI levels above the neutral areas.

The $185 high made by BSV on August 29 was a two-month high, resulting in profit booking on the same day pushing BSV back to the $169 level, a decline of 8.5%. Small upside movement in the last two months has reduced the scope for booking any profit at such levels.

Conversely, one should expect a decent upside movement on this cryptocurrency, as it could trade towards $285, which would be 71% upside potential for a downside risk of 20%.

A fresh rally should occur from the $171 level as soon as the BSV coin becomes eligible to trade above the levels from the new day. Out of all the indicators and price action, the only risky scenario is high price wicks that account for more than 8.5% of profit bookings. Bitcoin SV is dominated by one of the most valuable bitcoin forks with a market capitalization of USD 3.4 billion.

bitcoin sv price analysis chart

BSV made a significant breakout in the early hours of August 29, 2021, which was followed by small profit-booking. This could be a result of some institutional buying which could help take it to new highs according to us bitcoin sv price prediction.

The RSI is near an oversold zone on the hourly chart, which has triggered a new round of buying sentiment for the BSV coin to move higher.

On a competitive basis, many cryptocurrencies are offering better features than BSV coins. So, if one can wait for longer duration then one should invest in BSV.

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