Bitcoin SV exhibited declining volatility and trade volumes on price charts and could be set to consolidate at $216 above the level of support. Waves and VeChain, however, appeared to be on the upside for a breakout.
Bitcoin SV [BSV]
On the 4-hour chart, the Bollinger Bands indicated that while significant volatility has been observed over the past week, both the volatility and the volume of trade appear to have decreased late.
The 50% retracement level, coinciding with the $216 support, can be expected to serve as a strong support to BSV. In the next few days, BSV could be consolidated above this level unless Bitcoin sees a significant move in either direction. In that case, BSV is going to follow Bitcoin on the markets.
The RSI continued to move above the neutral 50-zone, underlining that the uptrend was in progress and that the Stochastic RSI had not yet indicated any over-purchased or oversold conditions. However, the $6.6 resistance level has been stubborn in recent weeks. A short rise to $7 was met with strong sales pressure, and this could happen again.
December saw WAVES at a downtrend from $9.11 to $5, and January saw WAVES recover, but it remained within the range of $5 to $6.6 and was unable to establish an uptrend for longer timeframes.
Rejection at $6.6 would give the $5.8 region an opportunity to enter long positions.
A few days ago, the EMA ribbon threatened to turn to the bearish side, but did not. Since then, they have been somewhat indecisive, even though the price was a series of higher lows, and VET traded just below the resistance at $0.0268.
The Awesome Oscillator noted a weak bullish momentum behind VET, while trading volumes also declined steadily. This pointed to VET gathering steam to move upside down, passing the resistance to test the next level at $0.031.
If VET faces selling pressure and is forced to drop under the EMA ribbon, a move to $0.022 would be signalling.
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