Bitcoin SV (BSV) is facing a challenging period as it continues to struggle with the 20-day moving average (20DMA) following the recent death cross. This downward price action has caused concerns among investors, leading to questions about whether Bitcoin SV will ultimately reach zero.
In late August, BSV experienced a significant surge of +38% as decentralized exchange (DEX) markets pursued Bitcoin’s short-lived recovery. However, this rally was short-lived, and the subsequent rejection pushed the price down, leaving it trapped under strong resistance from the descending 20DMA. Despite this setback, the renewed interest in Bitcoin forks and derivatives raises the possibility of a potential price breakout.
At present, Bitcoin SV is trading at $30.86, with a 24-hour change of +0.13%. The past week has been a rollercoaster ride for BSV, as it initially dropped below the 20DMA by -7.5% before making a strong comeback to test resistance levels. The 20DMA has been a dominant factor in Bitcoin SV’s price action, effectively limiting any significant upward movement since July 11.
Bitcoin SV has made two previous attempts to break above the 20DMA, one on July 30 and the other on August 29. On both occasions, the price briefly rose above the resistance, reaching +10.28% and +8.75%, respectively, before ultimately collapsing. These failed attempts have resulted in prolonged consolidation periods just below the 20DMA, with the current consolidation period entering its 16th day.
The persistent resistance level poses a challenge for Bitcoin SV, particularly due to the presence of the death cross, which occurred on August 15. The death cross represents a significant divergence of 12.3% between the 20DMA and the 200-day moving average (200DMA), currently sitting at $34.60.
Despite these challenges, Bitcoin SV’s indicators are displaying minor bullish divergence. The relative strength index (RSI) currently sits at 47, indicating a minor oversold signal, while the moving average convergence divergence (MACD) stands at 0.17, signaling bullish momentum. These indicators, along with the resilient consolidation displayed by BSV bulls, suggest that further testing of the 20DMA is likely to continue.
Price Targets and Risk-Reward Ratio
When considering potential price targets, it is essential to acknowledge the limitations imposed by the 20DMA. Previous breakouts on July 30 and August 29 resulted in average gains of approximately +9.5% before price action reversed. A similar move in the future could potentially drive Bitcoin SV towards $30.20, representing a potential gain of +9.5%.
On the downside, BSV could experience a decline towards prior double-bottomed support at $28.6, which would signify a potential loss of -7.54%. Overall, this gives Bitcoin SV a risk-reward ratio of 1.26, presenting an attractive entry point with significant upside potential for investors interested in the top Bitcoin hard fork.
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