Bitcoin SV, Chainlink, Theta Price Analysis: 03 May
Bitcoin SV broke above its ascending triangle pattern, but the price failed to achieve its projected target of $390. Chainlink’s dip could be cushioned at the 50-SMA close to $40, and the next upswing would likely boost it above $42. Lastly, a crossover between the long-term and short-term moving average could push THETA towards the $14-mark.
Bitcoin SV [BSV]
As mentioned in a previous analysis, Bitcoin SV broke above its ascending triangle, but the price was yet to realize its projected target of $390. According to Squeeze Momentum Indicator, bullish momentum was on a downturn.
Selling at the current price level would net gains of 3.2%, but traders can also wait for the next session to close. A bullish candlestick could highlight further gains in the market. On the other hand, RSI showed overbought conditions in the market. In case of a pullback, support can be provided at $341.
Although the world’s 12th largest cryptocurrency Chainlink posted gains over the last 24-hours, the hourly timeframe noted a dip over the last few sessions. MACD’s fast-moving line was below the Signal line, but the index was above equilibrium and this reflected a bullish market. The 50-SMA (blue) rested just below the $40-mark and this could act as a support line in case of a bearish outcome.
According to Chainkin Money Flow, net capital inflows still outweighed outflows, but the difference was on a decline. The $42 bullish target was yet to be overturned; traders might have to wait for a few more days before this breakout takes place.
At the time of writing, Theta’s price movement on the 4-hour timeframe was at a crucial juncture. Not only was the cryptocurrency on the verge of an upwards breakout from a horizontal channel, but the 50-SMA (blue) also closed in on the 200-SMA (green). A successful crossover between the two moving averages would be a bullish development. This would likely see THETA rise all the way towards $14 before bears take control.
MACD showed a bullish crossover, while Awesome Oscillator noted rising bullish momentum. The first target for the buyers rested at the $13-mark.