Bitcoin SV could be set to consolidate above the $ 216 support level, with falling volatility and trading volume. Waves seems ready for an upward exit.
Bitcoin SV (BSV) price analysis
Bollinger Bands on the 4-hour chart have seen significant volatility last week, while both volatility and trading volume have recently declined.
The 50% retracement level, which coincides with the $ 216 support, can be expected to serve as a strong support for BSV. The next few days may see BSV consolidating above this level, provided Bitcoin does not see any significant movement in either direction. In this case, BSV will follow Bitcoin in the markets.
Waves price analysis
The RSI is moving above the neutral 50 zone to highlight that an uptrend is in progress and the Stochastic RSI is not yet indicating overbought or oversold conditions. However, the $ 6.6 resistance level has been stubborn in recent weeks. A short rise to $ 7 was met with strong selling pressure, and this could happen once again.
In December, WAVES dropped from $ 9.11 to $ 5. It recovered in January, but was still stuck in the $ 5 to $ 6.6 range and failed to create an uptrend in the longer term time frames.
A refusal at $ 6.6 could make the $ 5.8 zone an opportunity to enter long positions, according to AMBCrypto analysts.