Medium-Term Trend: Downtrend
For the last one week, the price of BSV/USD pair has been moving south ways, thus recording a bearish performance. On the 4-hourly chart, the pair’s price failed to trade above $133.954 thus slipped downside as it was pulled by the strong selling gravity coming from the bears. The price spiked down by 7.85% over the past one week, as it dipped from $133.000 to $122.550 as at 07:45 UTC. Currently, there is a struggle to breach $121.133 support level, thus suggesting high interest in lower price digits.
Additionally, the long-term SMA has been continuously gravitating above the short-term SMA, while the RSI has been hovering below average, thus suggesting a negative outlook. Therefore, investor’s sentiments have declined; hence, a bearish outlook should be anticipated.
Short-Term Trend: Downtrend
Similarly, on the hourly chart of BSV, the trend has not changed. The bearishness stills continue at a very stronger pace, as it has been bolstered by the moving averages that have currently poised to bearish crossover. BSV/USD pair has therefore down surged by 1.6% over the intraday, after escalating from the opening price of $124.010 to the current price at $122.000. Additionally, the critical support level that was defined near $125.115 was broken, suggesting that more downside correction is likely.
The dip was also indicated by the RSI indicator that sharply declined to trade below level 30, which is a negative sign before recording some gains and start afresh upside movement. The parabolic SAR has also confirmed that the bearish momentum is at the peak as reflected by the dotted line spotted above the price emphasizing on a negative trend.
Notably, BSV/USD is currently purchasing for $2,202,451,407 with a circulating supply of 18,116,802 coins over the last 24hrs. For traders to identify the next move, a significant break above $124.000 may lead to a bullish uptrend that may test a new resistance level near $130.000 and $129.000. Conversely, a downside break below $120.000 may extend losses towards $115.000 or $118.000.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.