Bitcoin SV registered a local bottom at $144 on 3rd November but since then the asset has rallied back above $150. Just like the rest of the altcoin market, BSV is struggling to rally behind Bitcoin but on the short-term chart, it may indicate a bullish move over the next few hours. At the moment, the price is trying to break above $160 yet again.
Bitcoin SV 1-hour chart
According to the 1-hour chart, Bitcoin SV is currently exhibiting an ascending triangle pattern that has registered strong re-tests at the upper parallel trendline. While the pattern may break out at any time, the bullish implication improved after the 50-Moving Average rallied below the candle at press time.
Another key factor has been an active trading volume. The activity over the past few days has been backed by volumes which suggest the price rise should be valid.
Rationale
With respect to market indicators, there is a bullish confluence as every ticker is indicative of a short-term bullish spurt. Relative Strength Index or RSI is steadily building its buying pressure which many push the indicator to the over-bought position in the next couple of days.
MACD continues to fend off a bearish trend as the MACD line remained above the signal line in the charts.
Awesome Oscillator or AO also suggested a building momentum for a bullish trend, as the green candles remain in the chart.
Important Range
Resistance: $160, $165
Support: $150, $144, long-term support at $136
Entry for long position: $152
Take Profit: $160
Stop Losses: $147
Risk/Reward Ratio: 1.6x
Conclusion
While the long-term may still remain indecisive for Bitcoin SV, the trend over the next 24-hour should be bullish and recovery of the resistance at $160 should be facilitated.
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