Bitcoin SV is in the midst of a dramatic retracement move, yet, market hopes are growing after a +5% price pump. Explore this BSV price analysis and discover if it is too late to buy Bitcoin SV.
BSV price has been in retracement for a number of weeks now, amid market risk-off behaviour stemming from Coinbase’s controversial decision to remove support for the leading hard-fork token.
$BSV is experiencing an increasing volume trend. Smart money is quietly accumulating.
BSV’s late-December / early-January rally to $112 extended 2.618 the length of its October pump.
Another 2.618 extension from current levels can take $BSV to $242.
Not if. When. pic.twitter.com/vWDHjRMsdz
— BITFREEDOM (@Bitfreedom242) January 21, 2024
Meanwhile, amongst holders, sentiment remains surprisingly bullish – with trader’s noting that BSV is in a general state of accumulation as markets look towards the Bitcoin halving event in April.
BSV Price Analysis: Can Bitcoin SV Bounce Back Amid Major Retracement?
As price action fights to establish support, Bitcoin SV is currently trading at a market price of $73.00 (representing a 24-hour change of -3.39%).
The recent downtick forms a near instant retracement of last nights +5% pump, yet, this emerges as a reassuring sign as BSV price begins to establish consolidation successfully above $71.50.
Yet, with a -12% divergence below the 20DMA (which sits above price action at $82.75), it seems that there is a strong likelihood that price action could fall into a downside cascade.
Indeed, the 20DMA has provided rocksteady support for BSV price since August 2023 – highlighting the significance of this drop.
However, the 200DMA could offer foundational lower support at $46.28, providing reassurance to panicked Bitcoin SV bag holders.
Meanwhile, in a positive development for BSV price, the retracement move has significantly cooled-off the RSI indicator, which now displays bullish oversold divergence at 44.27.
Yet, this contrasts to a strong degree with the MACD, which is displaying major bearish divergence at -2.82.
Overall, BSV price analysis reveals that Bitcoin SV’s retracement could be more significant than it seems, with the loss of 20DMA support opening the door to significant risk on the short-time frame.
To the upside, this leaves Bitcoin SV with a price target at $82.20 (a potential +13.15%).
While downside risk could see BSV price drop down to $68.05 (a potential -6.33%).
Resultantly, BSV price analysis reveals Bitcoin SV has a risk: reward ratio of 2.08, suggesting a strong entry against a background of risk – potentially not too late to buy.
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Bitcoin SV Blues? Meme Kombat Pits Meme Communities in High Octane Staking Battles
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