Cryptocurrency markets are finally recovering after a terrible start this week. We can only hope that the current support will hold. Let’s take a look at the three variants at Bitcoin: BTC, BSV and BCH.
BITCOIN PRICE ANALYSIS (BTC/USD)
BTC/USD pair continues to dig dipper on today’s hourly chart. The top cryptocurrency has displayed an intraday dip of 13.05%, having moved from $9717.00 to now changing hands at $8448.57. The coin faced a sharp sell-off that led to a decrease in investor’s sentiments. Afterward, at around 18:00, the price falls sharply by to a low of $7998.00 that later embarked to a steady flow below the key support level found near $8376.40.
Eyes are now fixed at the long-term SMA that has hovered above the short-term SMA over the last 24hrs. Should the short-term SMA manage to cross above the long-term SMA, then trend reversal to a bullish rally could be seen. Therefore, the pressure is on the bulls to defend the market and take over the momentum.
For the meantime, all the technical indicators are giving a bearish expectation. The RSI that is hovering below the oversold region shows that the market is exhibiting a beatable condition.
BITCOIN PRICE PREDICTION (BTC/USD)
Investors can take a short position after a downside break below $8376.40 since it may further a downside rally near $7000.
BITCOIN CASH PRICE ANALYSIS (BCH/USD)
BCH/USD pair seemed to have also affected by the downside movement of BTC, BCH/USD pair has recorded a loss of 23% over the last 24hrs. This may result in a lack of trust in the coin by the investors. In the market, there is high interest in the lower price levels that show an increase in sell-off.
The pair’s price escalated from $289.41 to $220.00 that is the current changing rate. Sharp deep was also seen at around $18:00, which dropped the price to rally at a low of $208.02. Besides the pair’s price is currently facing a struggle to break below $200.00 and is now on a consolidation phase between $218.96 and $237.89.
In terms of the indicators, they are both giving unhopeful outlook, since the long-term SMA is strongly gravitating above the short-term SMA. The RSI is also trading below the negative zone while flatten that showed a continuation of the bear run and further range-bound match.
BITCOIN CASH PRICE PREDICTION (BCH/USD)
At the press time, the moving averages are above the candles that indicate a sell signal. Thus a break below $180.00 is possible.
BITCOIN SV PRICE ANALYSIS (BSV/USD)
BSV/USD pair has also given an inferior performance over the intraday. It is down by 26.9%, having begun the session trading at $112.20 to now exchanging hands at $82.01. The coin failed to trade above $115.00 level but showed interest in the downside price levels and is currently struggling to break below the key support level found near $80.00.
Afterward, almost all the indicators have bolstered the downward correction. Additionally, moving averages are suggesting a bearish outlook and the RSI is trading on the oversold territory indicating high increase is selling pressure; thus, a decrease in investor’s sentiments.
BITCOIN SV PRICE PREDICTION (BSV/USD)
An upside correction can be seen if the RSI climbed above level 50 that can push the price to rally upside near $120.00. However, the bearish momentum may proceed as soon as the price breaks below $75.00 level.