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Price Analysis of BSV: The Bears in rule over the market

Bitcoin

The cryptocurrency that emerged as Bitcoin Cash’s hard fork- Bitcoin SV (BSV) ranks 9 among the major cryptocurrencies in the market. The price of BSV at the press time was $124.41 with a market cap of $3.255 billion and a 24-hour trading volume of $224 million. A major chunk of the coins were traded from CoinEx, BigONE, and CBX via BSV / USDT pair.

2 Hour Chart

Source: BSV / USD TradingView

The short term chart exhibited an uptrend extending from $120.946 to $123.945 and a downtrend extending from $142.952 to $138.431. The immediate resistance was at $135.898 and the subsequent resistance was at $143.253 while the support was held at $125.181.

The Bollinger Bands were traveling parallel for some time indicating that there was no increase or decrease in the volatility.

Chaikin Money Flow: The CMF line was way over the zero line suggesting that the inflow was a lot more than the outflow of the capital placing the coin in the bullish market.

The MACD line was slightly under the signal line indicating that the coin was under a bearish trend at the time of writing.

1 Day Chart

Source: BSV / USD TradingView

The daily chart showed a downtrend extending from $247.551 to $154.441 and an uptrend extending from $53.881 to $79.952. The resistance was at $138.865 while the support was held at $119.252.

Parabolic SAR: The dotted line over the candlesticks was going down indicating that the coin was under a bearish market.

The Awesome Oscillator showed that the red bars were gaining momentum to place the coin in the bearish market.

Relative Strength Index: The RSI line was slightly below the 50-line indicating that the sellers were more active in pushing the coin to the bearish market.

Conclusion

Except for the CMF in the short term all the other indicators suggest that the coin experienced a bearish sentiment at the press time.

 

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