Bitcoin SV Price Holds Above 20 SMA, But Horizontal Resistance is Also Present Here

• Bitcoin SV (BSV) is displaying a high-low structure on a long-term outlook.
• Buyers are losing hold on BSV this week, the price is slowly moving lower.
• The daily RSI indicator has reached the semi-line (50 mark), which does not bode well for the upcoming sessions.

In the crypto market, sellers are taking profits, meanwhile, Bitcoin SV (BSV) performs well from November to mid-December. But as of now, sellers are again pulling the crypto down as the daily price action shows a lower-high formation.

Against USDT, Bitcoin SV (BSV) price formed a third red candle in the intraday trading session, while the current trading price at $44.6 represents a decline of 0.26%. Similarly, the BTC pair with BSV also saw weakness at 0.00264 satoshis at that time.

Crypto market dominator-Bitcoin looks low volatile lower than $17K resistance. Thus its forks emulates the directional view of BTC. like Bitcoin cash also trades closer to its annual low instead of the Bitcoin SV (BSV) climbs higher and stays nearly 25% higher at the time while uncertainty remains in BTC and BCH. 

The comparison chart of BTC, BCH and BSV shows strength in Bitcoin SV coin as of now. However, it’s also facing pressure this week, but for a short-term view it could be a safe investment against the BCH.

Market capitalization affected by selling, today it reached $855.5 million with little decreases.  Conversely the trading volume jumped by 10% last night. Volume increase during downtrend may influence sellers for more dominance. Aside from selling pressure, Bitcoin SV (BSV) displays higher-lows formation on a long-term outlook where bulls have horizontal support (blue).

Meanwhile, buyers must keep BSV above the 20 day moving average on the daily price chart. Notably, Daily RSI Indicator reached at semi-line (50 Mark), suggesting downwards momentum. 

Conclusion 

The Bitcoin SV (BSV) is standing just above the 20 day moving average. Any price drop below this immediate support level, can pull BSV altcoin towards the ascending trendline. 

Support level – $40 and $35

Resistance level – $50 and $65

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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