Bitcoin hard-fork project Bitcoin SV (BSV) continues to be embroiled in a tight-fought struggle with the 20DMA as price action pushes down following death cross, rejection could spell disaster – is Bitcoin SV going to zero?
This comes in the aftermath of an impressive push by BSV bulls, which shot up +38% on August 29, as DEX markets chased Bitcoin’s short-lived recovery – in a move that saw off-shoots like BITCOIN and BTC20 pump.
But a swift rejection has left price trapped under iron-clad resistance from the descendant 20DMA, yet, a resurgence of interest in Bitcoin fork and derivatives could see price break-high once more.
BSV Price Analysis: Is Bitcoin SV Going to Zero?
Amid the struggle with the 20DMA, Bitcoin SV is currently trading at a market price of $30.86 (representing a 24-hour change of +0.13%).
This comes following a dramatic start to the week, which saw BSV tumble -7.5% below the 20DMA, before bouncing back in strong form to continue testing resistance.
Indeed, the 20DMA currently dominates Bitcoin SV price action, having acted to effectively suppress any significant upside move since July 11.
The 65-day resistance has so far rejected two attempts to push high, the first on July 30 which saw price push +10.28% above the 20DMA before collapsing, the second on August 29 which saw price push +8.75% above the 20DMA before collapsing.
On both resistance tests, rejection has been followed by lengthy consolidation periods immediately below the 20DMA – with current price action now in the 16th day of consolidation.
The sustained descendant resistance level is problematic, not least because of the death cross – which appeared on August 15, and now sees a 12.3% divergence between the 20DMA and 200DMA (sat at $34.60).
With everything to play for, Bitcoin SV’s indicators have shifted to minor bullish divergence, with the RSI sat at 47 (a minor oversold signal) and the MACD sat at 0.17 (bullish momentum).
Overall, the well-defended consolidation display by BSV bulls has left price action poised, with key indicators reflecting this bullish divergence it seems likely that continued testing of the 20DMA will continue.
To the upside, the 20DMA limits potential, local breakouts on July 30 and August 29 saw an average +9.5% break-high before price action collapsed, a similar move leaves BSV targeting $30.20 (a potential +9.5% move).
While downside price action would like match prior double-bottomed support at $28.6 (a possible -7.54% move).
This leaves Bitcoin SV remaining with a risk: reward ratio of 1.26, an attractive entry with good upside potential for the top Bitcoin hard fork.
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