• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Why Latest Crypto Rebound Sets Bitcoin SV (BSV) on the Path to $300

Yashu Gola by Yashu Gola
1 year ago
in Technical analysis, Cryptocurrency news
Reading Time: 2min read
bitcoin, bitcoin sv, cryptocurrency

Why Latest Crypto Rebound Sets Bitcoin SV (BSV) on the Path to $300

Advertisement

A Coronavirus-induced sell-off led Bitcoin SV down by 46 percent in February, but the cryptocurrency is showing signs of healthy upside retracement heading into March.

The controversial cryptocurrency surged by more than 14 percent on a month-to-date basis as buying sentiments erupted across the crypto market. The move led the BSV-to-dollar exchange rate to its new intraday top of $242.88 (data from BitFinex), making the pair one of the best gainers among the top ten crypto assets including Bitcoin.

bitcoin sv, cryptocurrency
BSV/USD records best gains during the crypto market’s latest rebound | Source: TradingView.com

Weaker Trading Data

The gains nevertheless accompanied thin volumes, hinting involvement of very few players that moved the BSV market upward in huge proportions. They also came against very high volatility and higher bid-ask spread across all the major exchanges, including BitFinex.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The uncertain trading data served as a reminiscent of BSV’s every upside move noted so far in the year 2020. A combination of larger price swings, weak volume, high volatility, and concern-worthy spread, made the asset too risky to bet on both upside and downside moves.

At the same time, Bitcoin SV improved textbook bullish outlook to show a rosy picture for March. For starters, the crypto closed above a crucial resistance level of circa $227 in its latest upside action. Moreover, it hinted trending inside a Symmetrical Triangle channel whose upside targets are at $300 and beyond.

Bitcoin SV’s Bullish Scenario

As the chart below shows, the BSV/USD exchange rate has confirmed a pullback at the Triangle Support. The pair’s bounce-back has also led its daily Relative Strength Indicator (RSI) to move from ‘Sell’ area towards a more neutral zone.

As of now, the RSI is looking to close above 50 – a long-term bias-defining level – to confirm a bull trend.

bitcoin, bitcoin sv, cryptocurrency
Bitcoin SV (BSV) to confirm uptrend when its RSI closes above 50 | Source: TradingView.com, BitFinex

Given the fundamental outlook led by the spreading of Coronavirus, risks of more declines continue to loom over the crypto market. It could impact Bitcoin SV – one of the most profitable assets so far into 2020 – the most because of its attractive positioning. On the other hand, possibilities of central banks’ stimulus programs could send the asset higher.

Easing policies could play a huge role in Bitcoin SV as it inclines to maintain its Triangle Support. Therefore, the price rise could ensue towards the foremost resistance target, which is the 50-day moving average (the blacked wave). The 50 DMA coincides with the $300-price range.

A precautionary move while entering a new long position would be to maintain stop-loss orders slightly below the entry-levels. Meanwhile, breaking below the Triangle support could lead BSV towards $173 (it is also closer to the crypto’s 50-DMA).

Tags: bitcoinBitcoin SVcryptocurrency
TweetShare22
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

PancakeSwap CAKE CAKEUSDT

PancakeSwap Approves “Big Burn” For CAKE, Why It Could Be Massively Bullish

32 mins ago
Stablecoins Are Changing and It’s a Big Deal

Stablecoins Are Changing and It’s a Big Deal

3 hours ago
eqifi

EQIFI Brings DeFi Functionality to the Banking Sector

4 hours ago
bitcoin bulls blood pumping

Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

4 hours ago
MoonSafe Code Audit Shows Suspicious Anomalies, Scam Confirmed?

MoonSafe Code Audit Shows Suspicious Anomalies, Scam Confirmed?

8 hours ago
student coin

The Student Coin Launchpad ICO, Just Few More Days to Become Part of an Academia-Driven Blockchain Ecosystem

14 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

BitMinutes Announces Partnership with GoodDollar, Embracing Opportunity for Social Good

April 22, 2021

Hodlnaut Selects Fireblocks to Secure Assets With Next-Generation MPC Security

April 22, 2021

From Startup to Success Story — Morpheus.Network is Transforming Global Trade With Blockchain

April 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.