BSV prices break above the long-coming resistance trendline but struggle to surpass the 50-day EMA which lowers the possibility of any bullish extension. Key technical points: The BSV market price has recovered 2.06% over the past 24 hours. The breakout rally shows higher price rejection from the 50-day EMA. The 24-hour trading volume of Bitcoin SV is $215 Million, indicating a hike of 175%. Past Performance of BSV BSV prices take a slow but bullish turnaround from the $47 mark with a double bottom breakout avoiding a bearish breakdown. The bullish resurgence results in the breakout of the long-coming resistance trendline in the daily technical chart. However, the fading bullish surge shows a higher price rejection in the daily candle from the 50-day EMA questioning the likelihood of a bullish continuation. Source- Tradingview BSV Technical Analysis BSV prices fail to surpass the 50-day EMA (red) and are likely to tumble under the broken resistance trendline. Moreover, the lack of a surge in trading volume compared to the previous bullish attempts increases the chances of a bearish turnaround. Coming to the momentum indicators, the MACD indicator shows the fast and slow lines struggling to maintain the bullish spread. Moreover, the falling trend of the MACD histograms increases the chances of a bearish crossover below the zero line. Moreover, the RSI indicator shows a relenting uptrend in the RSI slope, struggling to sustain a...
