Price Analysis

Bitcoin SV Lacks Support and Momentum; Turns Downsides Below $190 in the Intraday

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Coronavirus Pandemic has made us realize the need for digitalization in all the sectors to get the benefit of income even after being home with a safe distance, avoiding direct contact and physical touch unlike the one experienced in the traditional way of transacting. This has increased the need for digital currency and recognized the need for adoption to a greater extent. With this, Bitcoin SV (BSV) is gaining an extensive demand due to massive scalability and transaction fees.

With this increasing demand, AnkerPay—South African Payment gateway supports BSV and is going to have its services on board with the belief that it is one of the best-performing assets of the year, irrespective of the avenue or category.

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AnkerPay aims at giving solutions and easing the fundamental obstacles for the massive adoption of such digital currencies worldwide. In this attempt, the platform is offering a digital wallet, a point of sale (POS) system, an e-commerce integration platform, and AnkerATMs – two-way ATMs to quickly convert fiat and digital currencies with ease across Sub-Saharan Africa.

The platform’s major tickers to implement are affordability, safety and security, and vetted integration. With the help of BSV, it is likely to have a command over these and many more in the way.

Bitcoin SV Price Analysis

Bitcoin Cash happens to be the first hard fork of Bitcoin, and later against each Bitcoin Cash, one Bitcoin SV was forked. Coming from the family of the major cryptocurrency, Bitcoin, by market capitalization, we see that the two have almost a similar trace of momentum, with BSV being comparatively more volatile.

Bitcoin SV News
BSV/USD Chart By TradingView

As per the above chart, we see that the coins have recorded almost a similar type of trend since the start of the ongoing month until the press time. Bitcoin has reclaimed its support below $9.7k and is trading at $9.68k, and so did BSV price turned down below $190.

BSV News

On the 2-hourly chart, Bitcoin SV is seen consolidating above $190 except the intraday pullbacks when it slid below $190, even today around the press time. The coin is not retaining support from 50-day and 200-day MA on the hourly chart due to intraday lack of steady momentum. After a flattish yet bullish trend, BSV exhibits a bearish crossover on the MACD chart today against the US Dollar.

Moreover, after experiencing a steep fall at the onset of the month, Bitcoin SV lacks momentum to rise above $200 and have a bullish rebound. The RSI of the BSV coin is at 40.53 and is seen inclining towards the oversold region due to intraday correction, today, yet is away from hitting 30, and a hit of momentum is likely to save the coin from the selling pressure.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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