[Bitcoin SV price analysis] Bitcoin SV price analysis: January 19
Disclaimer: The findings of the following analysis are only the author's personal opinions and should not be regarded as investment advice.
The price of Bitcoin SV stays in the low volatility area, and the return rate of the 4-hour candle is between -3% and +3%. Although the trend seems to continue, BSV also seems to maintain its bullish posture. With a 5% surge, BSV looks set to reach a key resistance level, and a breakout will cause Bitcoin SV on the price chart to rise by 20% to 25%.
Bitcoin SV 4-hour chart
Source: BSVUSD on TradingView
As of press time, BSV is inside the bottom of the circle and the price is close to the neckline. Breaking through and successfully retesting this neckline will increase the price. However, up to the neckline, BSV seems to be able to peel off safely and quickly by 5%. A break of the neckline of $222 is the bullish confirmation required for the next 20% to 25% surge.
The RSI indicator shows that the price has more room to rise, further confirming the possibility of rising to the neckline.
In addition, the OBV indicator points to insufficient trading volume, which may be the reason why the price fluctuates and gets stuck by the 4-hour candle of +/- 3%.
Eventually, the stochastic RSI is in the overbought zone, which indicates that BSV may reverse quickly. In this case, we can expect the price of BSV to reach a round bottom curve. Breaking this curve seems to be a possible situation, and if it does, we can expect BSV to test the sloping trend line, which has been a strong support level since January 11.
in conclusion
At least until the overtrend indicator is broken, the short to medium term seems unable to break the neckline. Therefore, it is more likely to rebound to a round bottom pattern. A rebound will help form an ascending channel, which also has a bullish bias. In addition to short-term bearishness, BSV is prepared for 20% to 25% gains.
However, it is only possible to successfully break the super trend and neckline level of $220 to $225. Or, a break below $182 would invalidate the bullish situation described above.
Article from: www.vodvv.com