- Bitcoin SV is trading on a bearish note, whereas the price reaches near its four months lows around $108
- The digital asset is trading below all vital moving averages of 20, 50, 100, and 200-DMA; whereas, 20-DMA is acting as near term hurdle
- The ratio of BSV/BTC is trading positively at 0.003863 BTC with intraday gains of +1.75%; whereas, the ratio of BSV/ETH is trading with a minor dip of -0.99% at 0.06804 ETH
Over the monthly chart, Bitcoin SV trades on a strong bearish trend with lower highs and lower lows sequence. The volume is also lower near the average line and needs to improve for a reversal in upcoming trading sessions.
The coin continuously trades in a sharp downtrend while facing rejection from the 20-day short-term moving average. The bulls need to push the token above 20, and 50-DMA will require good buying interest from lower levels. The support on the lower levels is at $105 and $92; whereas, the resistance on the higher side is at $175 and $195.
Bitcoin SV over the weekly chart is now facing a downtrend in the short term time frame. The recovery is not very strong, and the volume is insufficient for a reversal and can be considered as short term pullback. At the same time, the technical parameters and volume are also suggesting the same with no clear sign of indications. The sell-on-rise trend is still intact, and traders are advised to be cautious with long positions. Presently the token is trading at $120 with an intraday loss of -2.51% and volume to market cap ratio at 0.2638.
Relative Strength Index (NEUTRAL): Bitcoin SV RSI presently projects a sideways or neutral trend over the weekly chart. In contrast, the RSI is trading flat near the oversold zone after a healthy correction from higher-level CMP at 37.
Moving Average Convergence Divergence (MIXED) currently indicates a mixed trend on the daily chart. This is because the buyer’s signal line (green) and the seller’s line (red) overlap.
Support levels: $105 and $92;
Resistance levels: $175 and $195