BitcoinSV / USD Technical Analysis: One Last Obstacle
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- BitcoinSV is bullish in the short-term after breaking above a descending price channel
- A bullish inverted head and shoulders pattern still remains valid on the four-hour time frame
- The medium-term outlook for BitcoinSV is bullish, with price edging closer to a major technical correction
BitcoinSV / USD Short-term price analysis
BitcoinSV has turned bullish over the short-term, following a strong upside breakout from a descending price channel on the four-hour time frame.
Buyers are currently in control of price-action, with the BSV / USD pair edging closer to key trendline resistance on the four-hour time frame. Furthermore, a bullish inverted head and shoulders pattern is still in play across the mentioned time frame, with the patterns having an overall upside projection of around $12.00.
Key technical support to the downside is currently located at the cryptocurrencies 200-period moving average and also the top-side of the descending price channel.
BSV / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should continue to watch the bullish inverted head and shoulders pattern as it has yet to reach its upside objective on the four-hour time frame.
MACD Indicator
The MACD indicator on the mentioned time frame remains bullish, although the MACD histogram is currently correcting lower.
Relative Strength Indicator
The RSI Indicator on the four-hour time frame remains strongly bullish and is signaling further upside in the BSV / USD pair.
BitcoinSV / USD Medium-term price analysis
BitcoinSV is bullish over medium-term, with the cryptocurrency also breaking out of a descending price channel on the daily time frame. It is also worth noting that the BSV / USD pair is continuing to trade above its key 20-day moving average.
Due to the lack of historical data available for the BitcoinSV pair, the daily time chart frame closely mirrors the four-hour time frame chart, thus we are seeing the BSV / USD pair also approaching major trendline resistance on the daily time frame.
The cryptocurrency has fairly limited technical resistance above the trendline itself, with the $88.00 region offering the strongest form of resistance if bulls can break through the rising trendline.
BSV / USD Daily Chart (Source: TradingView)
Pattern Watch
If bulls can start to rally the cryptocurrency above trendline resistance, we could potentially see the formation of a large inverted head and shoulders pattern forming on the daily time frame.
RSI Indicator
The Relative Strength Index on the daily time frame has turned bullish and is currently generating a buy signal.
MACD Indicator
The MACD indicator on the daily time frame has turned bullish and shows considerable scope for further gains ahead.
Conclusion
BitcoinSV has turned bullish over the short and medium-term following the strong upside breakout from the descending price channel. The cryptocurrency is now approaching major trendline resistance and is trading at a critical juncture.
A sustained break above the trendline should see the BSV / USD pair moving considerably higher over the medium-term, while failure to surpass the key trendline will likely see cryptocurrency sold down towards the top-side of descending price channel.
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