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Bitcoin SV [BSV] Technical Analysis: BSV holds firm as market reshuffle ensues

Analytics

ambcrypto.com 31 January 2019 05:00, UTC
  
Reading time: ~3 m

Bitcoin SV [BSV] managed to hold onto its tenth spot on the global coin ladder, as the recent market meltdown cut over $8 billion from the market cap and caused a market reshuffle. Despite the bears taking over the overall market, BSV managed to hold on to its spot, unlike Bitcoin Cash [BCH], which slipped two places, delighting the BSV camp.

The price of Bitcoin SV has plummeted to under $64, just five days after the coin was trading well above $75. Bitcoin SV’s market capitalization was dented, with the same dropping to $1.09 billion, its lowest point since mid-December. At press time, Bitcoin SV has a market cap of $1.13 billion, showing a marginal rise.

In terms of exchange dominance, BitMart boasts the highest BSV trade volume of $21.4 million or 23.85 percent in the BSV/USDT trading pair. Following it are CHAOEX and IDCM in the trading pairs: BCHBSV/USDT and BCHSV/USDT, with trading volumes of 8.28 percent and 7.11 percent respectively.

1-hour:

Source: Trading View

The one-hour chart indicates that till January 27, Bitcoin SV was trading in a relatively stable manner and post the weekend, the prices dipped severely, following the collective market decline.

Bitcoin SV saw a downtrend extending from $72.83 to $65.34 from January 28 to January 29. During the stable period, there were no significant movements barring two mild downtrends.

The tenth-largest cryptocurrency on the market has an immediate support level of $62.27, which the coin is hovering above, while the immediate resistance level of the coin is $66.15, which the coin is hoping to break if the bears loosen their grip.

The Parabolic SAR indicates that the coin is in a mildly bearish market in the short-run, as the dotted line and the coin’s trend line are close to converging.

The MACD line shows that Bitcoin SV is still trading with a bearish momentum, but might become bullish soon.

The Relative Strength Indicator shows that investors are moving closer to the Bitcoin SV market, with the RSI rising from 12.18 three days ago to 54.75 at press time.

1-day:

Source: Trading View

Bitcoin SV’s one-day trend line is still overwhelmingly bearish since the coin split from BCH in November 2018. A downtrend overshadows the coin’s three-month trend line, which extends from $217.12 to $72.83.

The coin found resistance at $114.53, which soon dipped to the immediate resistance level of $84.61. Bitcoin SV has an immediate support level of $64.19, which the coin will decline below if the bearish market persists.

The Bollinger Band shows a decrease in long-term volatility as the prices began to dip with increasing regularity, while the Moving Average line indicates a bearish market.

The Fisher Transform indicator points to a bearish swing as the Trigger line has overtaken the Fisher line.

The Chaikin Money Flow tool shows that investors are pulling out their money from Bitcoin SV as the CMF line is below 0.

Conclusion:

In the short-term, the prospects of Bitcoin SV fare better than the rest of the market as the coin has managed to hold onto its position in the top-10, stayed above its support level and still poses a market cap of over $1 billion, despite the collective market decline. And in the long-run, the coin is still on a stabilizing spree, as major indicators point to a decrease in the coin’s volatility.


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