Bitcoin SV was previously trading inside an ascending triangle pattern before breaking below support and the $100 major psychological handle. This could be indicative of further losses down the line, possibly lasting by the same height as the chart formation.
The price has also closed below the 100 SMA dynamic inflection point to confirm that bearish pressure is kicking in. The next floor might be at the $85.50 level which previously kept losses at bay.
RSI has room to slide before hitting the oversold region so sellers could stay in control and keep pushing lower. Note that the triangle spans $40 to $115, so the resulting slide could be of the same size. Stochastic is also moving down but already dipping into the oversold region to signal exhaustion. Turning back up could spur a return in bullish momentum or at least a retest of the broken triangle bottom.
Bitcoin SV is being hit on all sides as users have pointed out the possibility of double-spending this particular digital asset. Vimeo user, reizu, noticed that most of the transactions he sent out were processed immediately by just four highly accessible nodes, making the network mostly centralized as the nodes control more than 70% of the Bitcoin SV hashrate.
It has also been reported that scammers are targeting would-be Bitcoin SV miners through a poser site.
An official SVPool.com quickly warned:
When clicking through the dupe site, many of the pages results in a 404 error, and in some cases, it takes you to their registrar’s error page. The site uses SVPool’s genuine social media handles to make things look at authentic as possible.
Proponent Craig Wright turned the attention to a Simplified Payment Verification [SPV] system on Bitcoin SV, citing that they will teach developers how to do so by next year.
Images courtesy of TradingView