Bitcoin SV is a cryptocurrency developed in late 2018 by using the hard fork method. This method is generally used to increase scalability, lower transaction fees, and increase transaction speed. Splitting the original altcoin into two halves allows the same to happen.
In the case of Bitcoin SV, the hard fork was motivated because of the need to increase the block size limit to 128 MB from 32 MB. Bitcoin Cash continued following its old protocols and remained in place. Bitcoin has experienced numerous forks, and Bitcoin SV is one of the most controversial one them. Forks mostly happen when a sort of disagreement arises among developers and users of the particular community concerning the ongoing method of the project getting run.
Bitcoin SV Technical Analysis
BSV technical analysis will provide a clear indication of its price momentum in both the short and long term.
The current value of Bitcoin Satoshi Vision (BSV) is trading in a consolidated zone near the price levels of $180- $190. In the above Chart, 50 Day Moving Average, approx levels of $280 will act as a strong resistance for the asset. 200 DMA levels are also above the current price of Bitcoin SV, which cannot be considered as a good entry point for fresh investment levels at these points for the traders.
The price bounced back from the levels of $160, a strong support range in the recent few days of trading, which is an interesting level to look out for. If it breaches these levels and forms a red candle on the daily chart pattern then it will portray a fresh sell signal from these levels.
This crypto asset was getting traded in the price range of $160 – $180 from the last three months. After giving a clear breakout, BSV went into an uptrend and achieved the all-time high price of $490. A drastic sell-off pressure soon evolved and the price got corrected to the level of $200 in the next few days. Prices soon bounced back and gained the level of the recent higher price of $460. Again, the cyclic pattern repeats itself and prices fall back to the level of $130. Since then, BSV price has been trading in a consolidated zone of $150 to $200.
Strong support levels of $160 and resistance at the $200 level, have become the upper bandwidth level of the current consolidation zone. A breakout in either direction is needed to create short positions on the chart.
According to our Bitcoin SV price prediction, investors can take a long position once it breaks the resistance placed at $200. They can enjoy uninterrupted up-move till the second strong resistance around $280. Given the consistent support of around $160, an up move towards 200 seems possible with higher volumes. Those already holding long positions should remain cautious as it is already trading below the 200 Day Moving Average. If BSV breaches the strong support levels, it can quickly turn bearish.