- The downtrend for Bitcoin SV continues as seen on Thursday. Although the market lacks momentum and BSV is seen trading with a bearish trend below $200
- Bitcoin SV price today is $155.85. BSV is down 6.96% in the last 24 hours and 13.74% from last week
- The BSV/BTC is also in a negative trend with an overall loss of -5.41% bringing the current level to 0.00669719 BTC
The Weekly Price of Bitcoin SV highlights the bearish trend which resulted in the price levels to breach the three main support levels of the coin which are S1- $166, S2- $160, S3- $155. The price started to consolidate during the 2nd week of December, then the bears entered the market, which resulted in the coin to negative territory. The resistance level of $190 is too far now for the coin to reach. Suppose there is a pullback from the lower support levels. Then we can expect a breakout from the given resistance level. Bitcoin SV can move for an uptrend in the next few trading sessions.
Technical Chart Indicates That the Price Trend of the Coin is Seen Maintaining a Negative Momentum
The month of December has been a rough month for Bitcoin SV as it has been unable to reach the resistance level of $196, which is formed during the month end of November. While looking at the weekly chart of BSV, it indicates that the price of $155.85, which is in a downtrend from the middle of December.
If we dive into the 1-hour chart of Thursday, it created a Bullish Engulfing candlestick pattern that can be a positive sign for the buyers if it sustains the few trading sessions.
So back into our weekly chart, the resistance level which Bitcoin SV formed this week is $189.71 with the following support level of 166.13. The price continues to fall in the negative direction by breaking down the strong support zone and currently halts for the consolidation phase.
The current trading price of $155.85 of BSV is below both 50 Days Moving Average ($171) and 21 Days Moving Average ($162.17), indicating the bearish trend in the weekly chart.
Meanwhile, the Moving Average Convergence Divergence (MACD) intersected the signal line this week frequently three times. It indicated that the trend remained negative and bears had a strong grip over the market. Also, the red bars on the histogram started to increase once again during this week.
According to the Relative Strength Index (RSI), the value of (33) implies that it was in the seller’s grip, with the buying pressure lost in the market from the past few weeks. As for now, it just floats above the oversold area.
Conclusion
Bitcoin SV is in the bearish trend for now, which is below the both 21, 50-day moving averages. The prices are falling from the past few weeks and currently testing the 3rd support level of S3- $155 if this continues in the next trading session we can see a fall from here.
Resistance: $190
Support: $166
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