BSV Price Analysis – August 23
BSV/USD is losing 2.92% over the last 24 hours as the price struggles in the market for a quick recovery.
Resistance levels: $220, $230, $240
Support levels: $160, $150, $140
A few days ago, BCH/USD has been dealing with the downward movement as the coin is seen trading under the 9-day and 21-day moving averages at $190.65 level. There are many coins on the market that opens with losses and BSV happens to be one of them. Yesterday, the coin recorded a recovery, but once again fell.
What is the Next Direction for Bitcoin SV (BSV)?
The market price is trending below the 9-day and 21-day moving averages and the bulls will have to cross above the moving averages to reach the potential resistance at $220, $230, and $240 levels. Meanwhile, the support levels to watch are $160, $150, and $140 respectively. However, the short-term outlook remains bearish for the BSV/USD pair as the RSI (14) crosses below the 40-level which provides more selling opportunities for the market.
BSV/BTC Market: Price Consolidating Below the Moving Averages
Against Bitcoin, the Bitcoin SV is trading below the 9-day and 21-day moving averages with more heavy bearish candles trying to break below the lower boundary of the channel. The RSI (14) is about to cross into the oversold zone which could bring more bearish signals into the market. A further drop may likely hit the support levels of 0.0145 BTC and below.
However, any form of a rebound from the current level at 0.0165 BTC could push the price of the coin to the resistance level of 0.0185 BTC and above. Meanwhile, the buyers need to push the price above the moving averages for the coin to resume the uptrends. For now, the trading volume is within the negative side, supporting the bearish movements.