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Ichimoku analysis (4- hour chart)
Tenken-Sen- $49.35
Kijun-Sen- $47.21
Major resistance- $58
Horizontal trend line- $48
Downtrend channel resistance- $46
BSVUSD has performed well after a major sell-off.
Any daily close above $60 confirms further bullishness.
The pair declined sharply after forming a minor top around Jul 30th 2024. Any major trend reversal can happen only if it closes above $126.
BSVUSD prices have surged more than 25% in the past two days. It hit a high of $41.77 yesterday and is currently trading around $40.90. The pair holds above the short-term (21 and 55-day EMA) and the long-term moving average (200-day EMA).
The near-term resistance is around $46, any indicative breach above will take the pair to $48/$52/$58. On the lower side, immediate support is $37, and any violation below targets $32/$27.
Indicators ( 4- hour chart)
Directional movement index - Neutral
It is good to buy on dips around $37 with SL around $30 for TP of $60.
