The altcoin market shared a few commonalities over the past few weeks. While many registered a strong uptrend on the charts, the same was followed by a pullback in recent days. Bitcoin SV was one such altcoin, while Neo also bounced off its level of retracement. Finally, VeChain was trading within a range.
Bitcoin SV [BSV]
Source: BSV/USDT on TradingView
On the hourly chart, the RSI was dipping. It fell into the bearish zone after the previous day’s trading, with BSV noting losses after a brief hike past $250.
The Fibonacci retracement level at $237 is expected to hold as support, provided Bitcoin doesn’t see a strong move to the downside. Further, Long-term momentum for BSV was still in favor of the bears, and a deeper correction under $230 could not be projected, as of press time.
Closing under $237 could still see buyers step in at the $230-mark, making the $230-$240 range a region of demand that BSV bulls can’t afford to cede to the bears.
Source: NEO/USDT on TradingView
Neo has exhibited bullish strength over the past month, and at the time of writing, was in a…