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BSV Hits $220 After Surging, Can Buyers Further Sustain Price?

Bitcoin SV (BSV) Price Analysis – June 13

After surging 11% today, BSV price has increased substantially as the market respect the three weeks diagonal support line. If the market falls below this line of support, we can expect a significant bearish scenario for the BSV markets. Currently, the bulls have taken charge.

BSV-USD Market

Key Levels:
Resistance levels: $240, $260
Support levels: $180, $160

The last month surge in volatility which led Bitcoin SV to $250 has now carved a bull flag pattern for the market as the price actions obey the yellow trend lines, acting as a support and resistance line for the BSV market for the past two weeks. Meanwhile, the blue ascending line has diagonal support for the market as well right from $60.

BSVUSD, 4H Chart – June 13

Today, BSV saw a price surge to $220 at the upper trend line before dropping to the current trading price at $208. The recent price increase was revealed on the 4-hours RSI, crossing over the 50 level. If the market continues to climb, a bullish break may hit the $240 and $260. A price drop, however, may find support at $180. The $160 may further be located below the yellow trend line

BSV-BTC Market

Following the bull flag pattern, Bitcoin SV nears a tight range on the yellow symmetrical triangle as the market may breakout sooner or later. If a breakout occurs, the BSV market would witness a new price level. From above, the key resistance levels for the market lie at 0.03BTC and 0.034BTC. From below, the key support level to watch out for is at $0.023BTC and 0.02BTC.

BSVBTC, 4H Chart – June 13

However, the sudden price increase we saw in the market today was quickly reflected on the 4-hours RSI as it switched trend to the positive level, a sign for potential bullish. The RSI may resume falling back below the 50 level if a bearish surge occurs. For now, the pink ascending trend line has been strong diagonal support for the market since May 21.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.