BSV Price Analysis: BSV at the support level of the parallel zone in which it has been trading for the past 8 months
- BSV Token Price at a crucial price point where it could reverse in either way, which will go on to decide the future course for the coin
- MACD signals neutrality on the charts
- When a pearson correlation coeff was run the coeff value came to be a negligible 0.14
BSV Token Price has been on a parallel trend zone since Mid 2021. The coin lookd to continue in that zone over the next several trading sessions. The coin made a brief breakout form the support level of $ 114, but has come back to trade between $ 114 and $ 200 zone. When pearson’s correlation coefficient was run the value came out be negative 0.14 indicating the slope of the regression line is almost parallel. Moving Average Convergence Divergence (MACD) also has been in a narrow range as the coin hasnot made serious deviations from the range.
BSV Token Price has been trading in trend zones on the hourly chart as well. The coin was initially trading between $ 133 and $ 120 before making a sharp fall to the level of $ 104. The coin then made newer lows and formed a support line that was downward sloping. The coin reached the lowest level of $ 101, before making a correction upwards. The coin is now trading at the resistance level of $ 114. The coin has been showing bullish momentum going by the last several trading hours. The Moving Average Convergence Divergence (MACD) indicator is hinting at bullishness with the declining size of the bearish histograms and the signal lines continuing above the mean level.
The coin is trading at the crucial resistance zone of $ 114, the coin was on a downward sloping trend before making a comeback to the resistance level. MACD is indicating neutrality for the coin, the coin has been trading in a paralle zone with an almost zero slope coeff over the last 8 months.
Support: $ 101 and $ 114
Resistance: $ 200
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.