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Bitcoin SV price analysis: $118 might be a bit difficult

Bitcoin SV price analysis 118 might be a bit difficult to reach

Bitcoin SV price has been tumbling down with a sharp decline showing the bears taking over on September 24.

The bulls are still trying to keep up a good fight with reversals, making difficult for the bears to drag BSV down below a hundred dollars ($100). The price has been stabilizing above the one hundred and ten dollars ($110) mark for a few days but it seems that the trend is about to end.

Bitcoin SV price analysis: $118 might be a bit difficult 1

Bitcoin SV price chart bt TradingView

Bitcoin SV price trades at one hundred and eleven dollars at the time of writing while the twenty-four (24) hour volume for BSV is valued at three hundred and forty-four million dollars ($344,029,222). The market cap for BSV amounts to a total of two billion dollars ($2,039,551,987).

Bitcoin SV price is bearish over EMA

The twenty (20) day exponential moving average needs to be overcome for BSV to move out of a bearish trance. BSV has yet again been turned down form the twenty (20) day EMA, however, testing this mark has been making it weaker and speculating the graph, BSV will likely pull past through the twenty (20) day EMA in the next attempt that the bulls make.

The bears are caving in on the bulls with the relative strength index (RSI) runs short of steam and has been taken over by the oversold territory. The below fifty (50) RSI and the sloping moving averages make for an extremely bearish outlook.

Bitcoin SV price analysis: $118 might be a bit difficult 2

Bitcoin SV price chart bt TradingView

To the north, we have the resistance mark at one hundred and eighty0eight dollars ($188.690) waiting for the bulls to show up. If the bulls muster up enough energy to push pat it then the two hundred and fifty-five dollars ($255.620) resistance mark will be next.

Looking towards the south, we have the one hundred and seven dollars ($107) support mark. This is a strong support mark but if the bulls do not cherish it, then the bears will be taking over and dragging BSV below it. The next mark awaiting the bears’ arrival is at ninety-two dollars ($92.933). Further down, is the forty-eight dollars ($48.640) support mark.

The market will gain momentum towards the top side once the moving averages are passed. Before, that, it seems unclear as to where BSV is headed beside the lower half of the chart.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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