Bullish Enthusiasm in BSV Propels Prices to $48.35, a 0.61% Gain

•  BSV price chart has established a bullish continuation pattern.
• At the day’s peak, BSV is encountering resistance. $48.53
• According to the Stoch RSI, traders should be on the lookout for a probable reversal.

After breaking over yesterday’s closing price of $48.14, today’s Bitcoin SV price analysis is optimistic. In the previous day, BSV made significant headway as bulls have been pushing the price upward. Further price rallies are possible, and BSV may soon re-test the $48.53 resistance level.

Analysis of a one-day BSV price chart reveals strong bullish momentum, with more price increases anticipated over the next few hours as bulls continue their surge. The BSV/USD pair has had a 24-hour price gain of 0.61%, with a total trading volume of $102,724,260 and a market cap of $930,374,564.

BSV/USD 1-day price chart (source :CoinMarketCap)

While BSV/USD has had a pullback over the last few hours, the majority of technical indicators continue to point to a positive outlook for the market.

The BSV market is expected to maintain its positive trend as long as price action remains above the moving average and bullish candlestick formations continue to emerge. The movement of the Moving Average Convergence Divergence (MACD) indicator above the signal line at 0.691 is more evidence of this upward trend.

On the 4-hour chart, the Relative Strength Index is also rising, suggesting that buyers are in command of BSV price movement. Although the Stochastic RSI is bullish, traders should be wary since it is now trading in the overbought range (98.18).

BSV/USD 4-hour price chart (source: TradingView)

In the short term, if BSV prices can break over the $48.53 resistance level, they have the potential to rise to much greater heights. But if bulls falter, bears may grab control and drive prices to a close at or below $46.65 (the day’s low).

The Bitcoin Satoshi Vision (BSV) price analysis indicates a strong performance over the previous 24 hours and significant upward potential for the BSV/USD pair. So long as buyers press higher, BSV may soon reach new highs.

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