BSV-USD daily chart

BSV-USD daily chart

Gate Trade Bitcoin SV (BSV) Monday, April 6, 2020 443 0

Bitcoin SV (BSV) rounded up the list of the top five performers of the past seven days. The altcoin will undergo a block reward halving in less than five days. Coin Metrics believes that this will drive the miners to direct more hash power to Bitcoin as its halving is still more than a month away. Currently, the bears are aggressively defending the overhead resistance at $185.87. The 20-week EMA and the 50-week SMA have flattened out and the RSI is at the midpoint. This points to a consolidation in the short-term.

 

If the price turns down from the current levels, it might remain range-bound between $146.96 and $185.87 for a few more days. A breakdown of the support at $146.96 will signal weakness and can extend the fall to the next support at $78.506.

Conversely, if the pair closes (UTC time) above $187.87, a rally to $233.314 and $268.842 is possible. Both levels are at the 50% and 61.8% Fibonacci retracement levels of the most recent correction. Traders could turn bullish if the price sustains above $187.87 and they are likely to remain bearish if the price breaks below $146.