It should come as no surprise to learn the BCHSV price has taken a massive beating over the past few hours. Considering how Bitcoin and all other currencies are down in the dirt over the past few hours, no asset seems to escape the black hole sucking all of the money out of the cryptocurrency industry. As such, there are plenty of market trends to take note of, although escaping the bearish pressure is pretty much impossible.
BCHSV Price Takes a Massive Beating
No one is surprised to learn BCHSV is performing well below expectations. Ever since the title of Bitcoin Cash returned to the seemingly rightful owner, things have not gone according to plan for this altcoin. In fact, the value per BCHSV has continued to drop significantly over the past few days, primarily because the 0.03 BTC value could not be maintained for more than a few hours.
Ever since that time, it has been a slippery slope for BCHSV. After losing control over the 0.025 BTC, 0.02 BTC, and 0.015 BTC levels, things have taken another turn for the worse. More specifically, the BCHSV value has dropped below 0.01 BTC, and struggle to find any sort of support below that particular level. This does not bode well for the currency, as its buy support is also drying up fairly quickly.
To make matters worse, most exchanges still have to make their stance clear on Bitcoin Cash and BCHSV. In the case of BitAsiaEx, the company is intent on removing all BH trading and maintaining both BCHABC and BCHSV pairs. That is a decision which won’t sit well with most Bitcoin Cash traders, but it is an action one can also understand up to a certain extent.
— BitAsiaEx (@BitAsiaEx) November 20, 2018
Others see this as the beginning of the end for BCHSV and its price. For Gregory Burgess, it seems BCHSV is DOA after this most recent market dip. Although this chart only shows part of the picture, it is evident the value of BCHSV is getting hammered. Remaining above $50 will be a critical challenge first and foremost, especially with virtually no real buy support across different exchanges.
— Gregory Burgess (@gburg999) November 20, 2018
At the same time, there are others who are confident there can’t be a Bitcoin Cash without adding BCHABC and BCHSV together. That approach would certainly explain why the Bitcoin Cash price has dropped so much in the past few days, as it mainly reflects the price of BCHABC on its own. Even so, BHCSV is clearly off to do its very own thing and not follow ABC in the slightest.
Bitcoin Cash is BitcoinSV
— jeff 🌏✌️ (@that_bch_guy) November 20, 2018
All of the current market circumstances indicate there will be more negative BCHSV price pressure in the coming hours and days. How low the value will effectively go, is difficult to predict. Remaining above $50 will be the first order of business, although it seems unlikely the 0.01 BTC level will be reached again in the near future. Unless the buy support picks up significantly all of a sudden, there will be no BCHSV uptrend to speak of at this time.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.