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.
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.
Investors can take a short position after a downside break below $8376.40 since it may further a downside rally near $7000.
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.
At the press time, the moving averages are above the candles that indicate a sell signal. Thus a break below $180.00 is possible.
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.
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.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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