Bitcoin SV [BSV] Price Analysis: Bulls rally to push BSV prices up by 7.86% before late bearish activity

Bitcoin SV [BSV] has had quite a few eventful days, a fact that is reflected by the price movement in the BSV market. While yesterday BSV tanked in the aftermath of the news that the BSV blockchain had been used to pedal child abuse images, today has been a different ball game with BSV posting a 24-hour growth rate of a very significant 7.86%.

At the time of press, BSV is valued at $63.94, with a market cap of $1.125 billion. However, it still remains eleventh in the list of the world’s largest cryptocurrencies, behind Binance Coin. It had a 24-hour trading volume of $151.17 million, with the exchange Bit-Z, contributing a significant 26.19%to it via the trading pair BCHSV/BTC.

1-hour

Source: TradingView

The one-hour chart for the BSV coin reflects the very significant rally the coin has posted over the past few hours. The uptrend extending from $58.72 to $69.49 erased much of the losses posted yesterday. However, brief bearish activity has posted a downtrend that extends from $69.50 to $65.47. The aforementioned rally has breached the previous resistance points and now sits at $69.572 while the support point holds firm at $58.128.

The Parabolic SAR has the markers over the candlesticks in the last few trading cycles, suggesting that the bears have stalled the sudden uptick in prices the bulls produced. It is thus a bearish market at the time of press.

The MACD index reflects that the bears have significantly cut into the gains the bulls had posted this morning and that a bearish crossover may be imminent. However, the MACD line, for the time being, remains above the signal line, suggesting a slightly bullish market.

The Klinger Oscillator backs up the findings of the Parabolic SAR and suggests that the BSV market is indeed bearish at the moment after the point of bearish crossover.

1-day

Bitcoin SV [BSV] Price Analysis: Bulls rally to push BSV prices up by 7.86% before late bearish activity

Source: TradingView

The one-day chart of the BSV market indicates a huge downtrend extending from $219 to $62.890 that the coin is still struggling to cope with. Despite brief uptrends such as the one that extended from $43.11 to $69.02, the BSV market still hasn’t got much relief and is yet to hit the highs associated with its beginnings. The previous support point at $64.17 was breached and it now stands at $61.68. On the other hand, it would seem that the resistance point will hold for a while at $72.197.

The Awesome Oscillator still has the BSV market trading below zero. However, it is in the green, suggesting some bullish activity may be in the offing.

The Relative Strength Index indicates that buying and selling pressures have evened each other out in the Bitcoin SV market, but tends towards the oversold zone.

The Chaikin Money Flow suggests that money is still flowing out of the market, suggesting a bearish trend to the coin’s prospects.

Conclusion

The one-hour chart for Bitcoin SV using indicators such as the Parabolic SAR, MACD and Klinger Oscillator suggests that the coin has posted some encouraging results, despite some late bearish activity. However, a definite bullish or bearish trend is too soon to identify. On the other hand, the longer term prospects of the Bitcoin SV market seem to be in the red, especially since the coin is yet to recover from its significant downtrends.

Be the first to comment

Leave a Reply

Your email address will not be published.


*