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The low uncertainty in the Bitcoin SV sector avoided major price fluctuations from the $199.17 support stage. Bitcoin Cash was unable to overcome $507.5-resistance, while BitTorrent indicated a minor retreat towards $0.0033-support.
Bitcoin Cash [BCH]
Bitcoin Cash was refused when it hit the upper limit of $507.5 on the 4-hour timeframe. Although OBV increased as the price rose from $460.5 support, the index flattened at the time of writing as purchasing pressure in the market dwindled.
To start a bullish rally, BCH must first climb above the $550.2-resistance. This will almost definitely see returns all the way up to the $600 mark, a region that saw a heavy sell-off after the previous rally. After settling about 50, the RSI represented market equilibrium. Trading rates must be tracked again in the coming sessions for rapid market movements.
Bitcoin SV [BSV]
Bollinger Bands on Bitcoin SV converged and showed low volatility as the market returned to a support zone of $199.17. A decline in trading rates and subdued purchasing behaviour indicated that BSV would trade sideways in the short term. In a bearish case, the latest support level at $199.17 and another at $189.2 will be main levels of emphasis.
An ADX reading of less than 10 indicated a poor tendency and just confirmed the expected rangebound behaviour. The bulls’ long-term goal was $250, and an increase in 24-hour trading rates will see the bulls making more progress against the target.
So far, BitTorrent’s growth in 2021 has been very remarkable. During its early-February run, the cryptocurrency hit new highs. From there, BTT was able to maintain its higher level and gradually set newer ATHs in March as well. At the time of publication, the year-to-date returns were 1,148.6 percent. The technicals, on the other hand, painted a bearish view of the market’s short-term trajectory.
The RSI demonstrated some divergence after making lower highs when the market stayed constant at $0.00382-resistance. At press time, the Awesome Oscillator had easily reversed a bearish twin high but favoured the sellers. Help thresholds in a bearish situation are $0.0033 and $0.0029.