BSV Technical Analysis: Trendline Breakout Rally Struggles At $60
Table of contents
Key technical points:
Past Performance of BSV
BSV prices take a slow but bullish turnaround from the $47 mark with a double bottom breakout avoiding a bearish breakdown. The bullish resurgence results in the breakout of the long-coming resistance trendline in the daily technical chart. However, the fading bullish surge shows a higher price rejection in the daily candle from the 50-day EMA questioning the likelihood of a bullish continuation.
Source- Tradingview
BSV Technical Analysis
BSV prices fail to surpass the 50-day EMA (red) and are likely to tumble under the broken resistance trendline. Moreover, the lack of a surge in trading volume compared to the previous bullish attempts increases the chances of a bearish turnaround. Coming to the momentum indicators, the MACD indicator shows the fast and slow lines struggling to maintain the bullish spread. Moreover, the falling trend of the MACD histograms increases the chances of a bearish crossover below the zero line.
Moreover, the RSI indicator shows a relenting uptrend in the RSI slope, struggling to sustain above the halfway line. Hence, the technical indicators question the likelihood of a bullish continuation and warn of a reversal in BSV prices.
Upcoming Trend
If BSV prices crack under the $55 mark, a downfall under the psychological mark to $47 is inevitable, which may further continue the previous consolidation range. However, if the buying pressure sustains, a bull run to $70 is possible.
Resistance Levels: $60 and $70
Support Levels: $55 and $47