With the Bitcoin price back under the $60,000 mark, the close and long-distance cousins of Bitcoin, e.g., Litecoin and Bitcoin SV, are facing high fluctuations. 

The BSV price shows a bullish comeback after a massive three-day drop of 12.45%. Following the 2.89% jump yesterday, the Bitcoin SV price is back to $42.86 with an intraday jump of 0.58%. Will this recovery lead to crossings above $50?

Bull Cycle in BSV Weekly Trend Possible

In the weekly chart, the Bitcoin SV price remains under intense bearish influence with the long-coming resistance trendline in action. Currently, the weekly BSV price trend displays an early bullish recovery from the $18.33 support level. 

After an early reversal from the $34 level, the Bitcoin SV price has increased by 23.81% over the last eight weeks with a diagonally positive move. 

However, in the 4-hour chart, the bullish trend in BSV price is more significant with a V-shaped recovery. The altcoin surpassed the $47 mark at the 61.80% Fibonacci level, signaling a surge in demand. However, the three-day drop results in a pullback under the $38.20 level and tests the $40 psychological mark. 

With the Bitcoin price stabilizing under $60K, the Bitcoin SV price makes a comeback of 3.66% and is heading towards the 50% Fibonacci level in the four-hour chart at $44.83. 

Technical Indicators:

MACD: The MACD indicator shows a bullish crossover opportunity in the weekly and the four-hour price trend. 

RSI: The weekly RSI line reveals a bullish divergence, increasing the possibility of a bull run to challenge the overhead trend line. Similarly, in the four-hour chart, the RSI line spikes up from the oversold zone and is heading to surpass the halfway line. 

Will BSV Price Continue To Surge?

Currently, the weekly 4-hour price trend teases a bullish comeback with a morning star pattern to reclaim the surface above the 61.80% level at $47.25. Thus increasing the chances of a bullish reclamation of over 50% of the psychological mark. On the flip side, the support levels are present at $40, $39.40, and $34.55.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed