Is the Target Of $200.00 Looking Too Far Away For Bitcoin SV?

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • BSV broke below the mark of $170 and faced a gradual negative momentum past a few days back in the market which forced the levels to reach the major support of $158.00 
  • Since then, the cryptoasset is trying to avoid any volatile momentum
  • The BSV/BTC pair is facing a marginal loss of -0.20% bringing the current levels to 0.01513865 

Bitcoin SV’s ultimate target to reclaim the major price level of $200.00 can be hard to hit level scenario looking at the current price momentum.  The CMP is placed at $162.48 with a marginal profit of 0.31%. As far as the coin was above the bullish level of $170, hitting the price level of $200 was looking very promising. But now that the coin is struggling to hold the level of $160, the bullish sentiments are slowly started to fade away. 

Source: Coinmarketcap

The weekly price chart of BSV clearly highlights the consolidating momentum made by the crypto assets during the past few days. The overall market conditions have shown signs of price recovery but not with a strong sentiment from the side of the bulls. Maybe, the crypto asset is waiting for a positive bump in the overall market conditions. Till then, the coin is expected to make marginal movements only. The market capitalization stands at $3,011,515,216 with the 24-hour volume traded of $518,561,937. 

Bitcoin SV (BSV) Technical Analysis 

Source: Tradingview

The technical chart focuses on the price levels of BSV from August where it was at the bullish level of $250 to full of price correction month of September where it reached the critical support level of $143. Fib retracement levels indicate that breaking below 0.236 level makes the sustainability of the coin very weak which has also affected the ability of the price levels to stay above the same fib level. Currently, the cryptoasset is looking with no motive to retest the resistance placed at 0.236 fib level. 

RSI levels are sustaining in the neutral range after a sharp negative divergence which almost landed the levels in the oversold region. 

CCI levels made a recovery from the oversold region very sharply and were just about to touch the overbought area. Currently, the levels are sustaining in the normal region too. 

MACD levels are expecting a bullish crossover from the levels which might provide a little positive momentum to the coin. 

RESISTANCE LEVEL: $175 & $180

SUPPORT LEVEL: $155 & $143

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