BSV Price Analysis – August 2
BSV/USD has lost 12.29% over the last 24 hours as it struggles in the market for a quick recovery.
Resistance levels: $275, $285, $295
Support levels: $190, $180, $170
The price of Bitcoin SV touches the support level of $189 today. If BSV/USD moves below the 9-day and 21-day moving averages, the price movement may make continue a downward move. Meanwhile, the bulls are finding it difficult to push the price upward as the price is currently trading above the moving averages. On the upside, a significant breakout above $260 can catapult the BSV to test or break the potential resistance level at $275 and above.
Would Bitcoin SV Go Up or Down?
In the meantime, the current price action is in favor of the bears. Nevertheless, if the market price continues to follow the downtrend, the bears may have the upper hand where it may reach the low of $190 if the current support is breached. Meanwhile, the RSI (14) is the crossing below 60-level which indicates that the market may hit the supports at $190 level and below where a rebound could push the prices upward.
BSV/BTC Market: Price Consolidating Below the Moving Averages
BSV/BTC has been moving sideways within the channel, but it is quite important for the buyers to watch out for the $0.022 resistance level. More so, should the bulls failed to reach the above-mentioned resistance level, the market may reverse again and the bears may likely gain a support level of $0.0173 and below.
Nonetheless, if the bulls succeed in breaking above the upper boundary of the channel, BSV/BTC may resume an upward move and this could send the price to the resistance level of $0.023 and above. In other words, the market may continue to follow the downtrend within the channel, suggesting more bearish signals in the nearest term.