Disclaimer: The results of the following analysis should be available within the next 24 to 48 hours
Bitcoin SV, like the rest of the market, was in a state of conflict at the time of writing after being devalued significantly on August 2. With BSV trading yesterday at just $ 196, the fork coin market seemed ready for another rally. However, this time it may not be bullish.
Bitcoin SV 1 hour chart
After its short-term retreat after the parabolic surge, Bitcoin SV broke its long-term resistance at $ 207 and registered a price point at $ 257. However, within an hour of reaching this area, BSV saw a drop of $ 60 in the charts and again fell below the $ 207 support line. The crypto asset was able to rebound towards $ 207, but the bearish pennant may be positive.
As shown, the price of BSV was fluctuating in the pattern of a bearish pennant at the time of printing, a development that could push the price back below $ 207. According to the VPVR, trading volume was still between $ 220 and $ 197, and this has been the case since the 20th of last month.
Interestingly, the market indicators were somewhat unclear at the time of writing. As the MACD saw an upward trend, the Relative Strength Index implied that buyers were still struggling to put pressure on the market. The decline in overbought zoms has also severely impacted the dynamics of the buyer's market.
Despite the fact that Bitcoin SV's price has risen in the past month, it's pretty obvious that the crypto asset remains on thin ice in terms of the fundamentals in the chain. Except for an anomaly of over $ 5 million in transactions on July 10th, BSV transactions have rarely declined over the past week in their bullish rally. This is an indication of BSV's dependence on the rest of the digital asset industry.
Bitcoin SV's price movement is likely to go south under the $ 217 resistance in the next few hours.