Bitcoin SV (BSV) is currently facing a tough battle with the descendant 20-day moving average (20DMA), which has become a strong resistance level since July 11. Despite an impressive +38% surge on August 29, BSV faced a swift rejection and has been consolidating below the 20DMA for the past 16 days. This sustained resistance, coupled with the death cross that occurred on August 15, where the 20DMA diverged 12.3% from the 200DMA, raises concerns about the future of BSV. The question arises: Is Bitcoin SV heading towards zero?
Despite the challenging resistance, there are some minor bullish indicators for Bitcoin SV. The relative strength index (RSI) is at 47, indicating a minor oversold signal, while the moving average convergence divergence (MACD) stands at 0.17, suggesting bullish momentum. These indicators, along with the well-defended consolidation by BSV bulls, leave the price action poised for a potential break above the 20DMA. Previous breakouts on July 30 and August 29 saw an average increase of 9.5% before collapsing, indicating that if BSV manages to break through, it could target $30.20, representing a potential 9.5% move to the upside. However, there is also a possibility of downside price action, with prior double-bottomed support at $28.6, which could lead to a potential 7.54% decline.
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