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Bitcoin SV [BSV] Technical Analysis: BSV opens the week with a decline as bears move in


The cryptocurrency market opened the week with yet another low, following the trend of the previous weeks. The collective market cap is down to $120 billion, as all major coins are flushed in red. Bitcoin SV [BSV], the BCH hardfork, surged by over 6 percent in a single day on January 14, but now is barely hanging on to its tenth spot on the coin ladder.

Bitcoin SV’s market cap was $1.43 billion, at its highest point last week, and dropped by over $120 million to $1.31 billion by January 20. The coin has been on a consistent decline, much like the rest of the market, and has now dipped by 2.64 percent against the US dollar at press time.

In terms of exchange dominance, BitMart had the maximum BSV trade volume, with $6.74 million on the BSV/USDT trading pair or 11.36 percent of the total trade volume. Following closely behind was Bit-Z, with 10.12 percent or $5.76 million on the BCHSV/BTC trading pair.

1-hour:

The most prominent Bitcoin SV downtrend began around 10 days ago and has persisted, dropping the coin’s price from $87.71 to $77.41. The more recent downtrend, beginning on 20 January and continuing to the current day, has extended from$77.76 to $75.24.

The coin had three resistance levels in the past week; the first stood at $82.54 and the other two were pegged at $79.01 in two successive intervals. The coin’s support level currently stands at $74.69, which the coin is hovering just above.

The Bollinger Bands indicate that the coin’s volatility is on the rise as the prices have dipped post the weekend. The Moving Average line indicates a bearish switch.

The Fisher Transform shows that Bitcoin SV was trading with bullish momentum prior to the Fisher and Trigger lines crossing over, indicating a switch.

The Chaikin Money Flow indicates that despite decreasing prices, investors are putting money into Bitcoin SV, as the CMF line is hovering above 0.

1-day:

Since BSV was introduced to the market in mid-November 2018, the coin has been on a continuous steep downtrend, despite the various developments. The aforementioned downtrend extended from $218.72, at its initiation, to $79.86 in January.

Bitcoin SV has three prominent support levels in the one-day chart at $42.77, $68.46 and at its current price point $75.11. The coin’s resistance levels were pegged at $114.97 and $84.63 respectively.

The Parabolic SAR points to a bearish market as the dotted line is aligned above the coin’s candlesticks.

The MACD line shows that Bitcoin SV broke into the bearish market at the beginning of the year.

The Relative Strength Index has been on a decline since its mid-November high of $50.72. At press time, the coin’s RSI stands at $38.64.

Conclusion:

Bitcoin SV has been riding a downtrend since it split from Bitcoin Cash but with rising support levels since December. The coin enjoyed a brief upswing in early January but has failed to make the jumpstart count as the price looks to be nearing the support level once again, with the bears looking to pounce.


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