Bitcoin SV (BSV) has been forming lower lows as the coin drops from its highs of $540 to its current price of $60. The BSV coin was tested twice at the support line of $42 but rejected for a further downfall. The token showed an upward move as the price turned from the support line and moved above the resistance of $60.
On July 27, the Bitcoin SV token surged marginally, being a gainful day for bullish investors. There is a formation of ascending triangle pattern, and the price may hit the downtrend line if it continues to rise. Most indicators are giving positive signs, and if the token is able to cross the downtrend line, a significant bullish momentum can be expected.
Once the BSV price closes above the trend line, a robust bullish momentum can be expected in the long run. The price of BSV has recently touched the trendline, and it may continue to increase as the coin rejected a further downfall.
The volume bar shows remote price movement as neither the bulls nor the bears can take the Bitcoin SV price in any direction. The RSI being 61 presently shows the price heading upward towards the overbought zone.
In the weekly chart also, the previous week’s candle shows a decent upliftment, and the forming candle closing above the last 3 weeks’ candle indicates an opportunity for the bulls. The Bitcoin SV price may head towards the upper bands.