Trade Recommendation: Bitcoin SV (BSV)
Bitcoin SV (BSV/BTC) has likely ended its corrective period. After posting a 2019 high of 0.030276 on June 5 2019, the cryptocurrency pulled back and plunged to lows of 0.010701. That’s a nosedive of over 64 percent in less than two months.
Nevertheless, the market is showing strong reversal signals. These signs tell us that traders should consider opening fresh BSV long positions.
Technical analysis shows that BSV/BTC has breached the diagonal resistance of 0.014. This triggered the breakout from the large falling wedge on the daily chart. The bullish move attracted traders who were staying on the sidelines. The increased buying pressure pushed the market to as high as 0.017646 on July 23rd.
On top of that, the daily RSI also breached resistance of 45. It ascended to as high as 55 on July 23rd as well before its momentum faded. Now, it is retesting 45 as support. If it holds, we can see Bitcoin SV’s price also respecting support of 0.0155. A bullish stand at this price level will likely propel the market in the coming weeks.
The strategy is to buy as close to 0.0155 support as possible. If BSV/BTC bulls can keep the market from falling further, the cryptocurrency will likely generate the momentum to rally to our target of 0.024.
The process may take less than a month.
Daily Chart of Bitcoin SV/Bitcoin on Binance
Summary of Strategy
Buy: As close to 0.0155 as possible.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.