Bitcoin SV, at the time of penning down this analysis, was trading at $195.86 after retesting 7-day old support around $184. It was just yesterday when the price of BSV successfully reclaimed around 1-month resistance at $211, and later the market crashed in no time, Alongside, the king of the cryptocurrencies—Bitcoin also steeply dipped below $10k after facing strong resistance at $10.5k, for the 3rd time now in 8 months.
Moreover, the crypto market was holding a flattish momentum during the past month due to lack of traction, and in due course, many major coins lured long positions in lieu of future market momentum, including Bitcoin SV. Additionally, the coin is volatile and is likely to hit either of the extremities as exhibited from the squeezing 20-day Bollinger Bands.
On the half-hourly chart, BSV/USD lacks support from all the imminent moving averages viz., 50-day, 100-day, and 200-day and is trading midway around $195. The technicals appear bearish, yet the intraday rebound from the daily low of $184.4 to $197.6 led to a bearish to bullish divergence on the intraday chart. Likewise, the RSI of Bitcoin SV is seen rising away from the selling pressure due to the rebound and lies at 55.37.
As per the laid technicals and Bitcoin SV price prediction, the major support to watch out for lies at $190 and $184, while the major resistance lies at $197 and $200. Many analysts suggest that it is right time to invest in Bitcoin Cash & other cryptocurrencies. If you want to invest in cryptocurrency to make good profit in return then the-bitcoinscodes.com is one of the perfect platforms for you. It is a trading robot platform which can lead you to earn huge profit from cryptocurrency.
