Bitcoin SV is among the top 10 cryptos in the market, and a fact indirectly derived from Bitcoin Cash, a hard fork of Bitcoin, bears a lot of resemblance to the dynamics of BTC and BCH. Just as Bitcoin continues to trade and consolidate below $ 12,000 and even $ 11.5,000, Bitcoin Cash and Bitcoin SV cannot beat immediate resistance.
Additionally, it wasn’t until the beginning of the year when the original design of the primary cryptocurrency is back with the upgrade from Bitcoin SV and a hard fork called the Genesis. This hard fork from BSV returns Bitcoin’s protocol as close as it was originally released over the course of the 2009 decade.
BSV’s price momentum on the upgrade was encouraging earlier in the year until the massive market crash dropped below $ 85 in March. However, the current price has increased against the US dollar in 5 months by over 120% from 83 USD to 186 USD (current market price). Even after a price drop, the long-term future of the coin looks promising, which is reflected in the Bitcoin SV’s prediction.
Bitcoin SV price analysis
TradingView’s BSV / USD chart
Bitcoin SV pulls a bearish candlewick below the 38.20% Fib level and breaks the lower Bollinger Band in the table above. After reaching a YTD low below USD 85, BSV / USD was found to flatline at 38.20% Fib level slightly above USD 200. After strengthening from the YTD low, Bitcoin SV tested supports of just $ 149 at a fib retracement level of 61.80%.
Bitcoin SV, which has seen a complete rejection of over $ 258 for the past three weeks, has lost support from the MA50 and MA200 after falling below $ 200 and $ 190, respectively.
In this regard, Bitcoin SV draws a bearish divergence on the MACD chart when the signal line crosses above the MACD line and similarly the RSI is approaching the support while it is currently at 39.24.