BSV Technical Analysis: Will The Downtrend Reach $40?

BSV price action shows a bullish failure to surpass the long-coming resistance trendline. Will this rejection result in the $47 fallout? Key technical points: The BSV market value increased by 3.15% today at press time. The price action shows a double bottom pattern failure. The 24-hour trading volume of Bitcoin SV is $174 Million, indicating a hike of 21.83%. Past Performance of BSV For the past six months, the BSV price has been lowering under the influence of a descending trendline. Thus, multiple reversals from this dynamic resistance indicate the traders are actively selling at this trendline and have carried the downtrend to a new lower low of $45.67. However, the buyers have mounted support at $47m initiating a lateral walk. Source- Tradingview BSV Technical Analysis The BSV price has been wobbling between the $56.4 and $47 mark over the past three weeks, suggesting a minor consolidation phase. The recent price has driven the altcoin back to overhead resistance ($56.4), but the high supply pressure prevents a bullish breakout. Furthermore, a long-wick rejection attached to today’s daily candle hints at reversal possibility. The RSI slope shows a gradual recovery from the oversold zone, surpassing the 14-day SMA and reaching the halfway line. Furthermore, the MACD indicator shows the fast and slow lines avoiding bearish crossovers to maintain the uptrend in motion. In a nutshell, BSV technical analysis displays a high po...