31 May BSVUSD Analysis: Is Bitcoin Satoshi Vision gets Overbought?

31 May BSVUSD Analysis

Bitcoin SV (BSV) has surged more than 110% in the last 1 week according to data from CoinMarketCap data. The coin started to rise massively after a piece of fake news about re-listing of BSV on Binance, which was flashed all over the internet. This makes it occupy the eight spot amid the top ten cryptocurrencies in terms of market capitalization.

A WeChat screenshot was spread across China’s cryptocurrency media. Dovey Wan, a founding partner at Primitive Ventures spotted the fake news instantly and posted on twitter about it. Currently, BSV is holding a market cap of around $3,40 billion, with a volume of $36.76 Million. Its price at press time is $190 mark after correcting from $253.81 highs.

Interestingly, BSV is one of the best performing digital assets throughout the entire 2019. Since the start of this year, the coin has marked an increase of 125%, more than doubling up in price.

31 May BSVUSD Analysis – Technical Overview

Yesterday, May 30, the price of BSVUSD was in a bullish trend zone. Since on May 27, the price had been trading below the $130 price level. The bulls break crucial resistances level with success. Each time the price of BSVUSD reached the resistance level, the price rises to the support of the EMAs. From the Fibonacci retracement level, the price of BSVUSD is still trading at 0.5 (50%) Fib. retracement level.

This indicates that the coin is likely to rise in the continuation zone of Fib. retracement levels. On the upside, if the bulls break the $200 price level, the market will reach the highs of $230-240 price level. On the downside, if the bears break the support of the 0.382 (38.2%) Fib. retracement level or below the EMAs, the BSVUSD price will fall and resume a downtrend. Meanwhile, the coin price has reached the overbought region of the daily stochastic. This indicates that price is in a bearish momentum and a sell signal.

On the 1-hour chart, the price of BSVUSD is in a sideways trend zone. A price breakout is imminent if the bulls fail to break the resistance level. The coin is expected to drop as the price is below the EMAs. Nevertheless, the BSVUSD pair is still in the overbought region of the daily stochastic. This indicates that price is in a bearish momentum and a sell signal.

I expect the price might break $150 strong support level and trade near $130-140 price levels in the upcoming days.

Bitcoin SV Support and Resistance Levels 

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 69.90 120.95 151.36 202.41 232.82 283.87 314.28
Fibonacci 120.95 152.07 171.29 202.41 233.53 252.75 283.87
Camarilla 159.36 166.83 174.30 202.41 189.23 196.70 204.17
Written by Amandeep Sonewane

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