• BSV/USD market has a bit gone below a range trading line at $200 mark today
• Bears may put more effort into lowering BSV/USD pair towards a major accumulation territory of $120
• Traders should as well be wary of not getting whipsawed by a false downward price action.
Bitcoin SV (BSV) Price Analysis
• Major distribution territories: $240, $280, $320
• Major accumulation territories: $120, $80, $40
The US dollar has been able to exert pressure on Bitcoin SV’s market worth after a line of range trading situations around $200 territory. The crypto may continue to be under falling forces as the fiat currency remains to gain strength in the market.
Bears will move the trade towards a smaller value around $160 mark if the current downward pressure isn't reversed quickly. Expectantly, the bearish pressures may have to drop to locate an accumulation territory closer towards a low point at $120.
Bitcoin SV (BSV) Technical Indicators Reading
A bearish candlestick has appeared to break the SMA trend-lines downward to an extent. The 14-day SMA trading indicator is over the 50-day SMA trend-line. And, they still near a range trading line at $200 point. A selling force signal now appears to take a gradual form in this crypto trade. The Stochastic Oscillators have slantingly positioned between ranges of 60 and 40. And, they have now slightly crossed the hairs at the smaller range to possibly suggest a return of downward price moves in the marketing operations of BSV/USD.
As at present, it has once again established that the BSV/USD bulls will still suffer some losses below a high value of $240 distribution point. Meanwhile, an interception of the bigger SMA technical indicator by the smaller SMA trading indicator from the top will be a sell-signal confirming to see a sharp price drop in the crypto-fiat pair. However, traders need to be wary of bears’ possible trap as there may as well be another round of price rallies in the downward moves process.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.