Is Bitcoin SV Going to Zero? BSV Price Falls as Bitcoin Takes Off and Viral New Project Secures $700,000 in Funding
As the brief upsell in Bitcoin price action gives way to a typical alt season surge, Bitcoin SV (BSV) is entering retracement following a -4% drop - leaving some dejected bag-holders asking 'is Bitcoin SV going to zero'?
This comes following the emergence of a golden cross pattern on October 16 - which triggered bullish price moves in the aftermath of CoinTelegraph's ETF mistake.
As price action falls to the south, Bitcoin SV is currently trading at a market price of $49.44 (representing a 24-hour change of -4.09%).
The tumultuous drop has seen BSV sink back below lower support at $50, potentially opening the door to a free-fall down to the next historic support level around $43.5 if BSV bulls lose control.
This comes following rejection from upper trendline resistance at the $55-56 price level - which saw a 4-day period of testing over the weekend.
Yet, with price heading south, it appears the bullish sentiment injected into price action by the golden cross on October 16 is waning.
This is reflected in the leading hard fork's indicators, with the RSI still substantially overheated at 63.17 and the MACD showing slowing momentum at 1.28.
Overall, BSV looks weak here, with the RSI suggesting further downside could be on the cards, and no local lower support for BSV price to gain a foothold.
To the upside, Bitcoin SV remains targeting a break above $56 (a potential +12.99%).
While to the downside, Bitcoin SV is now facing a drop to $43.5 (a possible -12.37%).
This gives BSV a risk: reward ratio of 1.05, a mediocre entry with upside potential on the short-time frame (and certainly not going to zero anytime soon!).
But, while BSV's risk: reward remains unalluring, an emerging crypto presale is skyrocketing amid market excitement - with
Read more on cryptonews.com
