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Bitcoin Cash SV [BSV] Technical Analysis: Cryptocurrency is all set for a slow and steady performance

Laira Rebecca

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Bitcoin Cash SV [BSV] Technical Analysis: Cryptocurrency is all set for a slow and steady performance
Source: Pixabay

The recent hardfork of Bitcoin Cash [BCH] was one of the major news that caught the attention of many cryptocurrency investors lately. Both Bitcoin CashABC and Bitcoin Cash SV have managed to stay firm in the top 10 list in the past two weeks. Though Bitcoin Cash ABC struggled to keep up with a strong price range, it managed to stay at the 5th position based on the market capitalization.

However, Bitcoin Cash SV has shown a tremendous performance in the past week even during the bearish market trends. At the time of writing, BSV is trading at $95.62 with a market cap of $1.67 billion. The cryptocurrency has shown a massive 83.6% gain in the past 7 days. However, the 24 hours statistics show a negligible hike of 1.56%. The largest trading volume of 28.5% is seen to be on Upbit, followed by Binance, Bithumb and many more.

1 hour:

BSVUSDT | Source: TradingView

BSVUSDT 1-hour chart| Source: TradingView

In the 1 hour chart Bitcoin Cash SV, there is an uptrend extending from 38.6 USDT – 94.2 USDT with a resistance point set at 132.06 USDT.

The Bollinger Bands are currently forming a narrow path depicting that the volatility in the market is very less.

Chaikin Money Flow [CMF] is moving below the zero line indicating that the inflow of money is reducing in the BSV market.

In case of Klinger Oscillator, both the signal line and reading line are moving together with no buy or sell signal in this timeframe.

4 hours:

BSVUSDT 4 hour chart | Source: TradingView

BSVUSDT 4 hour chart | Source: TradingView

The 4-hour chart of Bitcoin Cash SV shows an uptrend ranging from 70 USDT – 94.29 USDT and the downtrend is extending from 133.6 USDT – 104 USDT.

The MACD has taken a bearish crossover currently with a negative histogram formation.

The Relative Strength Index [RSI] looks stable at the moment with the index line completely set within the RSI zone.



Conclusion:

According to the above Technical Analysis, Bitcoin Cash SV has high chances of having a less volatile market. As the Bollinger bands are forming a narrow path, we can expect a trend breakout as well.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Guest Author

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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