Bitcoin SV is in the midst of a dramatic retracement move, yet, market hopes are growing after a +5% price pump. Explore this BSV price analysis and discover if it is too late to buy Bitcoin SV.
BSV price has been in retracement for a number of weeks now, amid market risk-off behaviour stemming from Coinbase’s controversial decision to remove support for the leading hard-fork token.
$BSV is experiencing an increasing volume trend. Smart money is quietly accumulating.
BSV’s late-December / early-January rally to $112 extended 2.618 the length of its October pump.
Another 2.618 extension from current levels can take $BSV to $242.
Not if. When. pic.twitter.com/vWDHjRMsdz
— BITFREEDOM (@Bitfreedom242) January 21, 2024
Meanwhile, amongst holders, sentiment remains surprisingly bullish – with trader’s noting that BSV is in a general state of accumulation as markets look towards the Bitcoin halving event in April.
BSV Price Analysis: Can Bitcoin SV Bounce Back Amid Major Retracement?
As price action fights to establish support, Bitcoin SV is currently trading at a market price of $73.00 (representing a 24-hour change of -3.39%).
The recent downtick forms a near instant retracement of last nights +5% pump, yet, this emerges as a reassuring sign as BSV price begins to establish consolidation successfully above $71.50.
Yet, with a -12% divergence below the 20DMA (which sits above price action at $82.75), it seems that there is a strong likelihood that price action could fall into a downside cascade.
Indeed, the 20DMA has provided rocksteady support for BSV price since August 2023 – highlighting the significance of this drop.
However, the 200DMA could offer foundational lower support at $46.28, providing reassurance to panicked Bitcoin SV bag holders.
Meanwhile, in a positive development for BSV price, the retracement move has significantly cooled-off the RSI indicator, which now displays bullish oversold divergence at 44.27.
Yet, this contrasts to a strong degree with the MACD, which is displaying major bearish divergence at -2.82.
Overall, BSV price analysis reveals that Bitcoin SV’s retracement could be more significant than it seems, with the loss of 20DMA support opening the door to significant risk on the short-time frame.
To the upside, this leaves Bitcoin SV with a price target at $82.20 (a potential +13.15%).
While downside risk could see BSV price drop down to $68.05 (a potential -6.33%).
Resultantly, BSV price analysis reveals Bitcoin SV has a risk: reward ratio of 2.08, suggesting a strong entry against a background of risk – potentially not too late to buy.
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How are you feeling this Monday? pic.twitter.com/rn1LNcqsKv
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Bitcoin SV Blues? Meme Kombat Pits Meme Communities in High Octane Staking Battles
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The findings of this audit will soon be public, a move that many projects shy away from.
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His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
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The rapidly growing GambleFi industry, with notable coins like Rollbit, sets the stage for Meme Kombat to capitalize on this market through its distinctive approach.
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The post Is It Too Late to Buy Bitcoin SV? BSV Price Pumps 5% as Latest Meme Token Prepares to Launch appeared first on Cryptonews.
