Bitcoin SV (BSV) News

Bitcoin SV Lacks Steady Momentum and Support

BSV Replicates the Trend Movement of Bitcoin Cash

Bitcoin SV, at the time of penning down this analysis, was trading a Dollar above $170 around $171 price area. BSV is a direct hard fork of BCH, and the latter is the hard fork of Bitcoin, and therefore, the three are almost resembling a similar blow of momentum and price trend.

Bitcoin SV News
BSV/USD Chart By TradingView

If emphasized notably, the above month-to-date movement of Bitcoin SV, Bitcoin Cash, and Bitcoin has been almost similar. The given three coins are lacking traction and are flattened on the 2-hourly chart. All the three coins faced an utter dip as they retested monthly support at the onset of the week. Moreover, if observed prominently, the BSV coin price trend is a complete duplication of the BCH price trend with a lack of intraday push.

Bitcoin SV Price Analysis

BSV News

On the 2-hourly chart, Bitcoin SV is trading at 171.60 against the US Dollar, and if we see an even emphasized price movement of the coin since the start of the month until the press time, we see that BSV coin is drawing a downtrend. The coin is lacking support from 50-day and 200-day MA at $173.9 and $185.6 respectively to lower high pattern observed. The intraday pullbacks had led Bitcoin SV to retest 3-week support at the onset of the ongoing week. And, just as we near the end of the week, we see that BSV has marked moderate rebound as it trades above $170, at the press time.

The 20-day Bollinger Bands are not exhibiting any extremity, and therefore, we do not see an unpredictable, volatile movement any soon. The MACD indicator appears bearish due to lack of steady momentum, and the RSI of Bitcoin SV is seen rising from the selling zone, which lies at 44.31.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button