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- Bitcoin SV slipped below previous week closing and derivative futures data suggest more of short build up on current levels
- Bitcoin SV able to sustain above 50 day ema but bulls lack confidence on higher levels
Bitcoin SV trading with mild bearish cues forming lower lows candle with an average trading volume. As per coinglass, Last 24 hours BSV futures longs positions are 46.53% and short positions are 57.47% whereas in the last 12 hours $2.34K longs are liquidated across all the exchanges. As of now, BSV/USDT pair is at $44.197 and lost 0.75% on a intraday basis and 24 hours volume to market cap ratio stood at 0.1135
Will the bulls be able to defend $43 ?
On a higher timeframe, BSV had been very stable as compared to its peers. In the past couple of months BSV had traded in the range between $44 to $65 and bulls had tried more than twice to break out of the higher zone but faced strong resistance at $65 supply zone and slipped below 50 day ema(pink) which triggers more selling and slowing and steadily it broke down its important support level of $44. Recently after a few weeks of consolidation in lower levels bulls are again attempting to sustain above 50 day ema (pink) but look like it will not be an easy battle for bulls.
The 200 day ema (green) sloping down denotes a trend to remain weak for positional basis but if bulls succeeded to trade above $50 we may see some possibility of trend reversal. The MACD indicator had been little positive in the past couple of days but as of now the MACD line may cross down the signal line which will create more bearishness in BSV prices. However, the RSI at 50 neutral zones indicates prices may witness some sideways movement in coming weeks.
Will the BSV bounce back from trendline support ?
On a lower time frame, Bitcoin SV picture is little different as compared to daily charts. The BSV bulls had taken support at $35 and slow and steady on a rise forming higher high swings but as of now bulls lost the upside momentum and are likely to approach the trendline soon. The supertrend indicator had generated a buy signal denoting short term trend may remain bullish but prices are trading near supertrend green line and if it breaks down we may see bears grip on higher levels.
Summary
Bitcoin SV had been trading with positive momentum but bulls are facing resistance on higher levels and struggling a lot to sustain above 50 day ema. As of now technical indicators suggesting mixed signal and price are expected to trade in the range between $35 to $50 only. So, if price slips below 50 day ema and trendline, traders must initiate short positions for the target of $35 levels, but if bulls took support at trend line, traders might look for buying opportunities for the target of $50 and above.
Technical levels
Resistance levels : $50.00 and $65.00
Support levels : $40.00 and $35.00
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
