BSV Losing its Gained Momentum on the Verge to Break Below $160.00

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.
  • The downfall for BSV continues for the sixth consecutive day as the cryptoasset is on the verge to break below the crucial mark of $160
  • The BSV/BTC is also performing significantly negative with an overall loss of -4.37% bringing the current level to 0.01420376 BTC 
bsv
Source: Coinmarketcap

The weekly price chart of Bitcoin SV highlights the bullish move built by the coin which resulted in the price levels to reach the critical resistance area of $173.00. The resistance level provided negative reversals to the price levels at regular intervals but the bulls managed to sustain the positive levels somehow having the support level of $167.00 at that point of time. However, the sudden downfall on Friday’s trading session which lasted for a short span provided significant damage to the price level forcing it to reach around $160.00. 

Technical Indicators Losing Bullish Levels with a Sharp Negative Divergence

BSV TECH
Source: Tradingview

The technical chart highlights the downtrend faced by BSV during the past month which is later followed by a price recovery action this month. The recovery action got halted by the strong resistance which is placed at 0.5fib level. The retracement table also shows that the cryptoasset has the major support placed at 0.236fib level. However, the sharp negative divergence in the price levels is making the support level weak in front of BSV bears. 

The directional movement index is showcasing extreme bearish nature as -DI(34.16) had a sharp positive divergence with ADX(22.57) and +DI(14.22) reaching bearish levels. 

The commodity channel index touched the depth of the oversold region with the current level of -182.57 showing extreme negative nature

The relative strength index is attempting to avoid the oversold region with the current level of 37.05. 

Will BSV Break Below $160.00? 

A break below $160.00 will surely indicate significant bearish signals for BSV in upcoming days. However, the cryptoasset is trying to avoid any further downfall as the levels have climbed up to $161.40 at the time of writing. 

RESISTANCE LEVEL: $173.00

SUPPORT LEVEL: $160.00 

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