Bitcoin SV Analysis: BSV/USD Goes Into Interim Bias Conflict

bitcoin sv

The Bitcoin SV market on Friday is appearing clueless about its next potential move.

As of 07:25 UTC today, the BSV/USD exchange rate was trading at $197.55, down 2.33 percent in the previous 24 hours. That brought the pair’s weekly loss to a mere 0.01 percent, per the data provided by CoinStats’ cryptocurrency portfolio management app.

bitcoin sv, bitcoin sv price, btc usd
Bitcoin SV Price Drops 2.33 Percent in the Last 24 Hours | Source: CoinStats’ Cryptocurrency Portfolio Management App

Meanwhile, the Bitcoin SV performed fairly better against the rival cryptocurrency bitcoin.

The BSV/BTC exchange rate has surged by more than 5.5 percent in the previous 24 hours, reflecting bitcoin’s slipping dominance rate among the cryptocurrency family. As a standalone asset, bitcoin has fallen by more than 7 percent in the last 24 hours.

Exchanges trading Bitcoin SV pairs posted $4.14 billion worth of BSV-enabled volume today. At the same time, the Real 10 Volume, which removes fraudulent data, noted $356.99 million worth of daily trading volume in the previous 24 hours.

Bitcoin SV Analysis

bitcoin sv, bsv usd
Bitcoin SV Trending Inside a Rising Channel Formation | Source: TradingView.com, Coinbase

The BSVBitcoin SV has been lately trending inside a minutely rising parallel channel. The pattern reflects the BSV/USD pair moving between two parallel trendlines. The upper line is resistance while the lower one is the support. As of now, Bitcoin SV is floating above the latter.

A sharp bounce back from the support, if accompanied by a rise in volume, allows traders to open a long position towards the resistance trendline. Meanwhile, a break below the support opens short opportunities towards the next downside target, which is near $172.91.

If BSV/USD manages to reach the resistance level on a bounce back from support, the long position could be extended to further speculate on BSV/USD gains. That said, the next upside target could be near the $265 level.

Meanwhile, let’s not forget to place a stop loss against the direction of your position.

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