2019-4-9 18:02 |
Bitcoin SV is bullish in the short-term, with the cryptocurrency trading well above its 200-period moving average on the four-hour time frame The medium-term outlook for Bitcoin SV is currently neutral The daily time frame shows the BSV / USD pair trapped inside a symmetrical triangle pattern Bitcoin SV / USD Short-term price analysis
Bitcoin SV has turned bullish over the short-term, following a strong upside breakout above the BSV / USD pair’s 200-period moving average on the four-hour time frame.
The four-hour time frame also shows that bulls have recently invalidated a bearish head and shoulders pattern, causing a surge in technical buying towards the best levels of 2019.
However, other technical indicators across the four-hour time frame have turned bearish as price starts to correct lower.
BSV / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that key technical support to the downside is currently located at the head and right shoulder of the former head and shoulders pattern.
Relative Strength Index
The RSI Indicator on the four-hour time frame has turned bearish and is showing that selling pressure is increasing.
MACD Indicator
The MACD indicator on the four-hour time frame has turned bearish, with both the MACD histogram and the signal line turning lower.
Bitcoin SV / USD Medium-term price analysis
Bitcoin SV has a neutral trading outlook over the medium-term, with the cryptocurrency still attempting to stage an upside recovery from historically depressed levels.
The daily time frame shows that the BSV / USD pair is currently trapped inside a symmetrical triangle pattern, with bulls recently testing the upper trendline of the neutral pattern.
Technical indicators are turning lower on the daily time frame, following the recent rejection from trendline resistance.
BSV / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that a bullish breakout from the triangle pattern would take the BSV / USD pair towards November 15th swing-high, while a bearish breakout would see the BSV / USD pair testing towards its all-time price low.
Relative Strength Index
The Relative Strength Index on the daily time frame has turned bearish and is currently generating a sell signal.
MACD Indicator
The MACD indicator on the daily time frame is conflicted, with the MACD signal line crossing higher while the MACD histogram has started to turn lower.
ConclusionBitcoin SV is starting to trade lower in the near-term after buyers failed to move price above the triangle pattern on the daily time. Overall, the BSV / USD pair is approaching a critical juncture over the medium-term, with bulls desperately needing to move price above the triangle pattern or the cryptocurrency could start to face heavy losses.
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