Bitcoin SV experienced a pullback after its recent gains and retested its critical resistance. Compound, on the other hand, showed signs of rising above the $ 494 resistance level.
Bitcoin SV (BSV) price analysis
While BSV has risen from $ 157 to $ 240 since late January, the Fibonacci retracement tool highlighted some retracement levels that could be used as support. The past few trading sessions have seen BSV drop sharply to the 38.2% retracement level and jump to test the 23.6% level at $ 217.
Even on the 4-hour chart, the trading volume fell, while the MACD was trending downwards. A retest of $ 217 as resistance showed that further losses are possible for BSV. However, this was not a reversal of the long-term uptrend, but only a retracement.
BSV can be expected to see some demand in the $ 204 and $ 194 zones.
Compound (COMP) price analysis
Last week, the $ 494 level was one of the Compound’s most stubborn resistance points. When COMP managed to get above this point, sellers entered the market and lowered prices.
As this article is being written, there seems to be another move in the opposite direction. The price broke above the EMA lanes and headed to test the $ 494 resistance level as the DMI showed declining trending strength as the ADX dropped to 20.
In the next few hours, if the COMP manages to move above $ 500, it will likely head towards $ 520.