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BSV / USD Price Analysis: Anomalous Rise

Bitcoin SV is pumping today for no clear reason, but its outlook remains largely bearish.

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  • Bitcoin SV has a bearish short-term outlook, with the BSV / USD pair trading well below its 200-period moving average on the four-hour time frame
  • The four-hour time frame continues to show a bearish head and shoulders pattern
  • Bulls are now testing key trendline resistance on the daily time frame

Bitcoin SV / USD Short-term price analysis

BSV has a bearish short-term trading outlook, with the BSV / USD pair still trading below its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that a head and shoulders pattern has been triggered, with the BSV / USD pair now testing back towards dual technical resistance.

Technical indicators across the four-hour time frame have turned bullish, following the recent move higher in the BSV / USD pair.

 

BSV / USD H4 Chart May 9, powered by TardingViewBSV / USD H4 Chart by TradingView

 

Pattern Watch

Traders should continue to monitor the neckline of the bearish head and shoulders pattern on the four-hour time frame.

Relative Strength Index

The RSI Indicator on the four-hour time frame has turned bullish, although it is starting to correct from overbought territory.

MACD Indicator

The MACD indicator on the four-hour time frame has turned bullish, with both the MACD histogram and signal line both issuing buy signals.

Fundamental Analysis

Although BSV had seen some large gains today, there have been no news or announcements that could drive its momentum, aside from Bitcoin’s rise.


Bitcoin SV / USD Medium-term price analysis

BSV has a bearish outlook over the medium-term, with the BSV / USD pair still under pressure on the daily time frame.

Buyers are currently testing back major trendline resistance, following the recent bearish breakout below the triangle pattern on the daily time frame.

Technical indicators are now attempting to turn bullish on the daily time frame.

 

BSV / USD Daily Chart May 9, powered by TradingViewBSV / USD Daily Chart by TradingView

 

Pattern Watch

Traders should note that if the bearish breakout from the triangle pattern on the daily time frame continues, the BSV / USD pair will fall to a new all-time trading low.

Relative Strength Index

The Relative Strength Index on the daily time frame is currently attempting to turn bullish.

MACD Indicator

The MACD indicator on the daily time frame has turned bullish, with both the MACD signal line and histogram generating buy signals.

Fundamental Analysis

The medium-term prospects for BSV do not look particularly promising.

The project had been delisted from several large exchanges, including Binance. Its founder has also generated a lot of negative feedback from some of the biggest names in the crypto community. Moreover, BSV lacks adoption and currently has failed to make use of its large block size.


Conclusion

BSV is attempting to shift its bearish bias across both time horizons, with buyers now testing towards critical technical resistance.

Caution is advised if the bearish patterns on the four-hour and daily time remain valid, as the BSV / USD pair could still fall to a fresh 2019 trading low.

 

Bitcoin SV Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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