Bitcoin SV, the fork of a fork coin, continues to survive and hold, despite having only a small camp of supporters and developers working on its blockchain. The cryptocurrency, at the time of writing, was priced at $ 152, with BSV being the eleventh largest on CoinMarketCap’s charts. However, although BSV has seen nothing but price drops over the past week, it is possible that more of this downtrend is on the way.
Bitcoin SV 4-hour chart
The four-hour chart for BSV showed that the price is quickly approaching the support level at $ 145.76, which, technically, should support the price, at least in the short term. This contributed to the formation of a descending triangle on the charts, a formation that is inherently bearish. Therefore, expecting a price drop is obvious.
The Stochastic RSI was forming a series of bearish crosses, which was due to the slow decline in price. The next crossover will push the Stochastic RSI into the oversold zone.
To add to the already bearish picture that is present for BSV, the MACD indicator was already deep in a bearish crossover and well below the zero line.
Also on the daily time frame, BSV was forming a bearish pattern – the death cross. When the 50-DMA [amarillo] falls below 200-DMA [violeta], is a death cross, and generally signifies a long-term trend reversal that favors sellers.
Since this has formed, we can expect Bitcoin SV to turn down on the charts and perhaps to its immediate support at $ 145.76. Failure to do so would result in events similar to the one seen on June 27, a day when the candle dipped to $ 135. Therefore, the next support was at $ 135. Any close below this will be fatal for the cryptocurrency. .
Regardless, there is a possibility that BSV will bounce off any of these supports. However, until these support levels come into play, the price will go down. In total, Bitcoin SV could register a drop that ranges between 4% and 12%.
This is a machine translation of our English version.
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