BSV Technical Analysis: Trendline Breakout Rally Struggles To Sustain

BSV prices surpass the resistance trendline with the 20% overnight reversal but struggle to sustain above the broken trendline. Key technical points: The market price has increased 20% over the past 24 hours. The price action shows a higher price rejection in the breakout candle. The 24-hour trading volume of Bitcoin SV is $497 Million, indicating a hike of 250%. Past Performance of BSV As mentioned in our previous article, BSV prices broke under the $50 mark to test the $47 support level after facing rejection from the resistance trendline. However, the buyers quickly overtook the trend control with a lower price rejection to form a morning star pattern leading to the bullish breakout of the resistance trendline. The surge in buying pressure helps the reversal pattern crack above the trendline, but it struggles to sustain above the broken trendline. Source- Tradingview BSV Technical Analysis The bullish candle in the morning star candle shows higher price rejection which lowers the possibility of BSV prices sustaining above $55. Hence, traders hoping for a bullish continuation in the long-term must wait for the price action confirmation. The MACD indicator displays the fast and slow lines return to the bullish alignment as it avoids a bearish crossover following the merger. In addition, the resurging positive trend in MACD histograms is a sign of growing buying pressure. The RSI slope displays a sharp V-shaped turnaround from...