The Bitcoin SV market on Friday is appearing clueless about its next potential move.
As of 07:25 UTC today, the BSV/USD exchange rate was trading at $197.55, down 2.33 percent in the previous 24 hours. That brought the pair’s weekly loss to a mere 0.01 percent, per the data provided by CoinStats’ cryptocurrency portfolio management app.
Meanwhile, the Bitcoin SV performed fairly better against the rival cryptocurrency bitcoin.
The BSV/BTC exchange rate has surged by more than 5.5 percent in the previous 24 hours, reflecting bitcoin’s slipping dominance rate among the cryptocurrency family. As a standalone asset, bitcoin has fallen by more than 7 percent in the last 24 hours.
Exchanges trading Bitcoin SV pairs posted $4.14 billion worth of BSV-enabled volume today. At the same time, the Real 10 Volume, which removes fraudulent data, noted $356.99 million worth of daily trading volume in the previous 24 hours.
Bitcoin SV Analysis
The BSVBitcoin SV has been lately trending inside a minutely rising parallel channel. The pattern reflects the BSV/USD pair moving between two parallel trendlines. The upper line is resistance while the lower one is the support. As of now, Bitcoin SV is floating above the latter.
A sharp bounce back from the support, if accompanied by a rise in volume, allows traders to open a long position towards the resistance trendline. Meanwhile, a break below the support opens short opportunities towards the next downside target, which is near $172.91.
If BSV/USD manages to reach the resistance level on a bounce back from support, the long position could be extended to further speculate on BSV/USD gains. That said, the next upside target could be near the $265 level.
Meanwhile, let’s not forget to place a stop loss against the direction of your position.