The Bitcoin SV comes with many changes to restore the Bitcoin protocol. It enables innovation and ensures stability on its base protocol. It also allows business owners and developers to create as many solutions as possible on the Bitcoin SV blockchain. Some examples are smart contracts, atomic swaps, tokenization, and many others.
The primary focus is to demonstrate this platform for the transaction. That is why it needs a bigger default and performance improvement. It enables massive scaling to support higher transaction volumes. It is also planning to increase transaction fees for miners. It is important to manage the losses that it faces in 2020. It is also important to promote blockchain applications.
Moreover, it focuses on security as well. It is said to provide Quality Assurance for mining node software. If it wants to be a global currency, it needs better security. Indeed, Bitcoin SV has a bright future. But does it secure the future of investors?
At the time of writing this article, the BSV price is around $167 and moving sideways. It is showing a good support level of around $128. However, the interesting thing is, in the year 2019 (Sep-Dec), Bitcoin SV maintained the support level of $83. Next, at the end of 2020 and the beginning of 2021, it has maintained a support level of $159.
On June 21, 2021, BSV broke the previous support level, and now it is creating a new support level around $120, below the previous support level. Bitcoin SV has a strong resistance level of around $190 as well.
It has a stronger resistance level of $350 as well, which it may not break easily. Now, if it violates the resistance, it may not even move to $350.
On the MACD chart, it shows a bullish sign. The blue line is above the red line. However, it has less volume. Now RSI is 49, which is good if we consider MACD with it.
On the Bollinger Band, all the candlesticks are above the baseline, but it reflects a neutral sign. It may come to the support level again before getting a bullish momentum.
Moving Average is also reflects a neutral sign. So what should you do now?
Indeed, it may go down again to the support level of $120. It is showing more chances of going down than going up.
If you are a new investor and want to buy this coin, please wait for a few more weeks. It is not the right time to purchase new coins, but you can buy them for around $120.
If you have a holding, you can hold them or sell a part of your portfolio, but if you sell them, definitely repurchase them at around $120.
Well, it is not a volatile chart. Still, you have to keep a closer eye on its price movement. You should not miss the buying opportunity.