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Bitcoin SV Price Analysis: Bears Shows No Mercy For BSV Coin As The Price Continues To Drop Lower

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  • BSV coin continues to drop lower after the breakout of crucial support of $ 150.
  • The BSV/BTC pair was trading at 0.0063789 BTC with a loss of 6.33%
  • The current price of the BSV coin stands at $ 112.4, established on the back of a 9.59% decrease in the past 24 hours.
Tradingview

Yesterday, the BSV coin dropped 20% in its intraday session and in doing so, it finally broke a very crucial support level of $150(fib level of 0.786) which had been holding bulls since March 2020. This breakdown was a huge hit for BSV bulls resulting in the price falling another 10% today breaking another support level of $116. Thus, if the price sustains below the level BSV coin might plunge to the $84 mark soon.

Regarding the EMA’s, the BSV coin seems very bearish considering the position of all the crucial EMA in the chart. The trend defining 200 and 100 EMA are moving quite above the price and are also on the verge of giving a bearish breakout, just like the 50-200 crossover a few days ago. As for the 20 EMA which acts as a strong dynamic resistance for BSV coins.

The RSI (STRONGLY BEARISH) value is at 25, indicating the bearish sentiment in the market as the RSI line has entered the overselling zone.

BSV Coin Crypto Chart In The 4hr Time Frame

Tradingview

The 4hr time frame chart of the BSV coin shows a clearer chart for investors to take an early entry in any opportunity. The 4hr candle chart seems to be respecting the traditional pivot levels providing micro support-resistance levels as an extra edge to the BSV traders.

The MACD indicator (BEARISH) shows both the MACD line and the signal line are strongly moving downwards with no sign vo reversal yet. The histogram also shows rising red bars indicating the strong bearish momentum.

Conclusion: From the technical perspective, the overall sentiment of the coin is strongly bearish. As mentioned above the price has crossed a new support level of $116. Thus, if the price sustains below this level, it could provide a good short opportunity for traders as the price could plunge to the $82 mark.

Support– $82

Resistance- $116, $ 150