The altcoin market has shared a few commonalities over the last few weeks. While many have registered a strong uptrend on the charts, the same has been followed by a drawback in recent days. Bitcoin SV was one such altcoin, while Neo also bounced off its retracement level. In the end, VeChain was trading within a range.
Bitcoin SV [BSV]
The RSI was dipping on the hourly map. It dropped into the bearish zone after trading the previous day, with BSV noticing losses after a short hike past $250.
The Fibonacci retracement level at $237 is expected to hold as support, given that Bitcoin does not see a strong shift to the downside. Furthermore, the long-term momentum for BSV was still in favour of bears, and a deeper correction of less than $230 could not be expected as press time.
Closing under $237 could still see buyers move in at the $230-mark, making the $230-$240 area a demand region that BSV bulls can’t afford to give in to bears.
Neo’s power in the past month, and at the time of publishing, was in a brief period of consolidation. On the hourly map, the trading volume decreased dramatically, while the Bollinger Bands also tightened around the price to suggest decreasing volatility.
The $39-region was sponsored in the face of a lot of bearish pressure. Closing below this amount and remaining under it for more than a few hours would increase the bearish strength of the market and may see NEO tumble to $35.
VET has developed a range over the past week, with a range of $0.046 below and $0.057 overhead.
The OBV was also more or less in balance over the same period. If anything, the last few days have provided some minor benefit to the buyers of the OBV as it steadily ticked upwards.
The MACD also noticed a humming momentum. When paired with a VET hike past the mid-point of the range at $0.051, it was estimated the VET was likely to re-test the range again.
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