Bitcoin SV (BSV) Price Analysis (May 3)

Key Highlights

  • BSV/USD market has struggled to reach a high point around $240 in a range-bound formation.
  • There hasn’t been a clear sign to suggest a change in the current trading cycle.
  • BSV/USD market is bound to enter another upper range territory above $240 mark in the next trading sessions.

Bitcoin SV (BSV) Price Analysis

• Major distribution territories: $280, $320, $360
• Major accumulation territories: $160, $120, $80

After some several attempts made previously, BSV/USD market line struggled to reach a high point around $240 on April 30 in a range-bound moving outlook. The crypto-fiat pair has recorded different smaller ups since it started a recovery move many weeks back until the present. The market value now continues to trade in a range moving style a bit over $200 territory.

Between April 8 and until now, the BSV/USD market has been ranging around the $200 point. And, yet, there hasn’t been a clear sign to suggest a change in the current trading cycle. However, the bulls continue to slowly build on through the recovery moves at the expense of the bears’ slight weaknesses in the crypto-trade.

Bitcoin SV (BSV) Technical Indicators Reading

The 14-day SMA trading indicator is at $200 price territory above the 50-day SMA trend-line. And, they are both a bit bent towards the north-east direction below the current market trading point. The trading Japanese candlesticks featured are shorty in sizes. All those indicate that serious range price movements are ongoing. The Stochastic Oscillators are now around ranges of 60 and 40. But, they are making efforts to cross the hairs to the north near below range 60.

Conclusion

Indications still have it that the bulls are most likely to have the market advantage even in its current ranging outlook. Meanwhile, the range formation appears not to take a different shape in the near time. In other words, the range price trend is bound to enter other upper range territories in the next trading sessions.

 

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Ben Jordan
Ben Jordan
Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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