Bitcoin SV intends to become a better and technologically advanced version of the original Bitcoin protocol. It emphasizes enhancing network transaction speeds and scalability. BSV stands for the abbreviation of Bitcoin Satoshi Vision. Its blockchain and underlying currency both have come a long way in 2021.
As Bitcoin’s popularity expanded the network became clogged with higher transactions leading to slower transaction speeds. Bitcoin SV tends to resolve the issues and popularize its blockchain network with compelling transaction speeds.
Bitcoin SV Technical Analysis
Bitcoin SV is still reeling under the pressure of profit booking and has failed to break out from its consolidation zones for more than two weeks. Failure to break out of this zone can force people to take profits and invest in other promising cryptocurrencies.
Despite a golden crossover on MACD a week ago, BSV is still trying hard to break out. The last attempt was dissuaded by the profit booking enforced by Elon Musk’s tweet on Bitcoin. As such it will be difficult for BSV to create a broader impact.
However, there is a silver lining in the form of smaller candle sizes and lower volumes, which indicates that BSV is being held by investors at below $200 levels.
While all other cryptocurrencies are trading in green, BSV is still in red, which raises eyebrows as it recently crossed the Bitcoin blockchain in accumulated data size. Investing at little to no movement is not ideal hence traders should wait for a BSV to break the consolidation zones drawn on the charts.
Until BSV price crosses the levels of $200 and $235, there is no promising up move in this cryptocurrency. Investors should be aware of the latest events and progress in the BSV blockchain before holding this currency at $175. After falling from highs of $490, BSV is back towards the levels seen at the beginning of January 2021. Combining all these factors, there are some risks in BSV but the rewards far outweigh the risks.
On hourly charts, Bitcoin SV shows some potential as it has been holding a lower level of $175 and still trying to move upwards. But there are no substantial greens on the hourly chart. The current scenario is positive to trade for 5 – 10% profits, BSV can easily reach $185 – $190.
RSI is on the positive side with a histogram level of 53. Combining these two factors one can surely invest in BSV. A substantial movement can be expected since it crossed Bitcoin in terms of data accumulation. Lower volumes in this case indicate a similar loss of interest or holding type pattern, which will be beneficial for short term traders.