BSV experienced a decline in its price due to selling pressure in the market. This led it to reach the lower boundary of a downward channel, around $17. However, a significant surge in buying activity occurred in this price range, resulting in an impressive price increase towards the upper boundary of the channel.
The strong demand pushed the price beyond the channel's upper limit, reaching the next resistance level at approximately $56. Currently, the demand for BSV is expected to be supported around $29, and this could potentially trigger more buy orders.
Consequently, we might witness a retracement towards the upper boundary of the previously broken downward channel. This could signify a positive trend for BSV in the upcoming weeks.