Bitcoin SV, Bitcoin Cash, BitTorrent Price Analysis: 28 March
Low volatility in Bitcoin SV market disallowed for large price swings from $199.17-support. Bitcoin Cash was unable to flip $507.5-resistance, while BitTorrent hinted at a minor pullback towards $0.0033-support.
Bitcoin SV [BSV]
Bollinger Bands on Bitcoin SV converged and showed low volatility as the price overturned $199.17 to a region of support once again. A dip in trading volumes and muted buying activity suggested some sideways movement for BSV in the short-term. In a bearish scenario, key levels of focus would be the present support mark at $199.17 and another at $189.2.
ADX reading of under 10 showed a weak trend and only reinforced the projected rangebound behavior. The long-term target for the bulls rested at $250, and a hike in the 24-hour trading volumes would see the bulls make some headway towards the target.
Bitcoin Cash [BCH]
Bitcoin Cash met with rejection after the price approached the upper ceiling of $507.5 on the 4-hour timeframe. While OBV did rise as the price picked up from $460.5-support, the index flattened at the time of writing as buying pressure depleted in the market.
To initiate a bullish rally, BCH would first need to rise north of $550.2-resistance. This would likely see gains all the way up till the $600-mark, an area that led to a strong sell-off after the previous rally. RSI reflected equilibrium in the price after it settled around 50. Once again, the trading volumes must be observed over the coming sessions for sharp price movements.
BitTorrent’s movement in 2021 has been quite impressive so far. Its rally in early February saw the cryptocurrency rise to record levels. From that point, BTT managed to sustain its higher level and eventually snapped newer ATH’s during March as well. Year-to-date gains amounted to 1,148.6% at the time of writing. However, the technicals painted a bearish picture with regards to its short-term trajectory.
A bit of a divergence was spotted on RSI after it made lower highs while the price held steady at $0.00382-resistance. Awesome Oscillator quickly overturned a bearish twin peak but favored the sellers at press time. In a bearish scenario, support levels reside at $0.0033 and $0.0029.