Bitcoin SV (BSV) Hits a Two-Month High: Is It a Rally?
If there is an underrated cryptocurrency in the last two years, Bitcoin SV tops the list because of its price action and consistently higher trading valuation. While most cryptocurrencies remained dormant for the entirety of 2020, BSV was trading with support at $150 and profit booking close to $180. This price action continued for a longer duration until the upside rally we witnessed in April 2021, making a fresh yearly high of $490.
Now, coming down to the valuation with respect to the volatility in this year. Investors might express great confidence in Bitcoin SV cryptocurrency, but the fact that it has been trading in this small zone for the last two years hits hard at blind expectations. Most of the cryptocurrencies, be it Bitcoin or Ethereum, or XRP, never created a fresh year low after the massive rally in the first half of 2021. Still, BSV, after breaking their immediate support at $190, broke down towards $115 levels.
Bitcoin SV has an immediate resistance at $190, with supports active at $132 and $154 levels. For the immediate levels, the BSV price has taken support from the $154 levels, but if it breaks this support, there will be a steep downfall towards $132 levels which will be a good buying opportunity.
Bitcoin SV Price Analysis
On a daily chart analysis of the last three months, we can witness a good upside movement, but on a percentage scale, it is much smaller. As compared to other cryptocurrencies, there hasn’t been any profit booking so far in this rally. This is a sign of strength that is supported by the increasing volumes and consistent RSI levels above the neutral zones.
The high of $185 created by BSV on August 29 was a two-month high, which resulted in the same-day profit booking pushing BSV back to the $169 levels, a fall of 8.5%. The smaller upside movement in the last two months shrugs off the scope of any profit booking at such levels.
On the contrary, one should expect a good upside movement on this cryptocurrency, as it can trade towards $285, which will be 71% upside potential for a downside risk of 20%.
There should be a new rally from $171 levels as soon as BSV coins become eligible to trade above the levels from a new day. The only risky scenario out of all the indicators and price action is the high-value wick that is more than 8.5% of profit booking. The domination of Bitcoin SV being among the most valued Bitcoin fork with a market capitalization of USD 3.4 billion.
BSV made a very high volume breakout in the early hours of August 29, 2021, which was followed by small volumes of profit booking. This could be a result of some institutional buying that can help it scale to new highs as per our Bitcoin SV price prediction.
RSI on hourly charts is close to oversold zones, leading to a new round of buying sentiment enabling BSV coins to reach higher.
On a competitive basis, multiple cryptocurrencies are offering better features than BSV coins. Hence, one should invest in BSV if one can wait for a longer duration.
