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- Following the traditional cryptocurrency, the BSV has started the recovery, but the bears are not in the mood to let go of their dominance.
- The short-term analysis shows the bears have started dominating the market.
- The BSV/BTC pair is at 0.003038 BTC with a gain of 1.05% in it.
Bitcoin SV (BSV) emerged following a hard fork of the Bitcoin Cash (BCH) blockchain, which had, in turn, forked from the BTC blockchain. The goal of Bitcoin SV is to fulfill the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper, early Bitcoin client software, and known Satoshi writings.
The BSV coin has started a slow recovery phase following its traditional cryptocurrency BTC over the daily chart. The coin has managed to attract buyers which are helping in the recovery phase, but this recovery is not enough as the price is moving quite low from all-time high. This is the reason why the coin needs to attract some more buyers. The BSV bulls are trying to help with the recovery but the bears are obstructing their way. It appears that bears are again dominating the market so investors must be ready for the further movement of the market.
The current price for one BSV coin is trading at $63.70 with a gain of 1.52% in its market capitalization. The coin has a trading volume of 91 million with a loss of 11.37% in the 24 hrs trading session and a market cap of 1.2 billion. The volume market cap ratio is 0.07492.
Short-term Analysis
While analyzing the graph for a short term (4 hrs) we can observe the bears have started dominating the market again and they have pushed the price nearly equal to the exponential average. If this situation continues bears will be successful in reversing the trend.
The technical indicators like MACD are indicating a bearish rally ahead as the MACD signal line is moving above the MACD line and the histograms are dropping red. In support of the above, the relative strength index is showing an increase in selling. The RSI value for BSV has dropped below 60.
Conclusion
The BSV coin has started a slow recovery phase following its traditional cryptocurrency BTC over the daily chart. The BSV bulls are trying to help with the recovery but the bears are obstructing their way. The bears are back in the market and now they have started dominating so the investors must be ready. The technical indicators are in support of the bearish rally further.
Technical levels
Resistance levels: $65.85 and $69.35
Support levels: $60 and $58.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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