- Bitcoin SV price analysis shows a bearish trend
- BSV prices have sought support at around $94.79
- Bitcoin SV’s price is trading at $97.55
Bitcoin SV price analysis shows that BSV opened today’s trading session trading at $94.79. The coin has had a slightly bearish trend as it reached a day’s high of $96.17. Currently, BSV is trading around $95.95 after recording a day’s low of $95.02.BSV The coin is likely to continue trading in a bearish trend in the short term as the market’s bearish momentum continues.
Bitcoin SV prices declined following a rejection at the $99.52 resistance on January 8. The coin then found support at around $94.79 as prices fell to a day’s low of $93.88 on January 10. Since then, BSV has been trading in a sideways trend between the $94.79 and $96.17 levels. Currently, the Bitcoin SV price has declined by 2.38% in the last 24 hours while the trading volume has declined by 0.70 percent whereby it is totaling $162,999,011.86.
Bitcoin SV price action on a 1-day price chart: Bears try for another push lower
The 1-day price chart for Bitcoin SV shows that after prices were turned away from the $99.52 resistance, the bears have taken control of the market as prices have been trading in a downward trend. Prices found support at around $94.79 and have been consolidating since then. The moving averages are sloping downward as the bearish trend continues. The RSI indicator is currently at 45.60 and is showing no clear signal as the market consolidates.
The increasing market volatility however on the 1-day price chart is contradicting the declining price action whereby the Bollinger bands are starting to widen. The bearishness in the market is likely to result in a further decline in prices as the market continues to be controlled by the bears. Also, the MACD line is on the verge of crossing below the signal line which would result in a bearish crossover.
Bitcoin SV price analysis on a 4-hour price chart: BSV/USD stuck in a descending channel
On the 4-hour chart, we can see that BSV has been trading in a descending channel since it reached an all-time high of $233. The coin found support at $94.79, which is near the lower boundary of the descending channel.
The Relative Strength Index is currently below 50, which indicates that the market is in Bearish territory. The moving averages are all sloping downward as the bearish trend continues. The market is likely to continue trading in a bearish trend as the market’s bearish momentum continues.
The MACD shows a bearish crossover as the signal line crosses over the MACD line from above. This indicates that the market momentum is shifting from bullish to bearish. However, if the price breaks out of the descending channel, we could see a move to the upside. The next level of resistance is at $99.52. If the price fails to break out of the descending channel, we could see a move towards the support at $94.79.
Bitcoin SV price analysis conclusion
Bitcoin SV price analysis is bullish for today as it is evident the bears have taken control of the market. The price of Bitcoin SV is likely to continue its bearish trend in the short term. BSV/USD pair is currently trading at $95.95 after a slight decline in prices.
The market is expected to continue its downward trend as the bears maintain control over the market. On the downside, the major support levels are at $94.79 and $93.88. On the upside, the major resistance levels are at $96.17 and $98.50.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.