The market changed its tide from red to green, adding over $2 billion to the collective market cap on January 18, 2019, but Bitcoin SV [BSV], the two-month-old product of BCH hardfork, is still trading in the red. Bitcoin SV is one of the only two coins in the top-10 list which is not trading in the green, with the other being a mildly declining XRP.
Bitcoin SV dropped by 0.75 percent against the US dollar to the price of $76.36, which is its lowest price since the close of the previous year. The market cap of the coin stands at $1.34 billion, a drop from $1.51 billion at the beginning of the week. Despite the recent troubling times for Bitcoin SV, the infant cryptocurrency has maintained its position in the top-10 by overtaking major coins like Cardano [ADA], IOTA [MIOTA] and Monero [XMR].
In terms of exchange volume division, BitMart held the highest BSV trade volume, registering a trade volume of $7.33 million or 11.54 percent of the total BSV trade. Following close behind were CoinMex and DragonEX, with 10.43 percent and 8.49 percent BSV trade volume held respectively.
Bitcoin SV has seen a massive downtrend commencing at the start of the week, extending from $87.57 to $78.80. Within the aforementioned downtrend, a steep downtrend was witnessed from $85.94 to $78.5. Immediately prior to the downtrend, there was a brief uptrend extending from $75.26 to $85.54.
The crypto’s immediate resistance level was recorded at $78.92, with two previous resistance levels at $87.65 and $82.56, which the coin breached as the week progressed. Bitcoin SV is in danger of dipping below its immediate key support level of $77, while the previous support level was recorded at $76.12, earlier this week.
The Bollinger Bands indicate that the coin’s volatility has been on a decline since January 15, as the negative trend is confirmed. The Moving Average line points to a bearish market.
The Awesome Oscillator points to a bearish market with decreasing momentum as the AO lines have turned green and have minimized in size.
The Chaikin Money Flow indicates that investors are pulling their money out of Bitcoin SV as the CMF line is below 0.
In the long-term, since its initiation post the hardfork and the hash war with Bitcoin Cash, Bitcoin SV has been on a decline, with a massive downtrend observed from $217.31 in November to $80.93 in mid-January. The coin enjoyed a very brief uptrend at the beginning of December, extending from $44.04 to $85.40.
A major concern for the coin in the one-day chart, much like the one-hour chart, is that BSV is in danger of slipping below its immediate support level placed at $75.34, which the coin is marginally hovering above. The last recorded resistance level is at $97.7, which the coin dipped below after Christmas.
The Parabolic SAR points to an overwhelming bearish spree for the token, as the coins are aligned above the BSV price candlesticks.
The MACD line indicates that Bitcoin SV was ensconced by the bears at the beginning of the year.
The Relative Strength Index has been on a decline as well, and as the prices fall, investors are selling off their BSV. At press time, RSI of Bitcoin SV was 39.11, nearing the oversold level.
Bitcoin SV has been declining since it split from Bitcoin Cash [BCH], with brief uptrends during the close of 2018. Now, it looks like the bears have taken over the BSV market, with the coin’s price nearing the support level, which should concern investors.
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