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Bitcoin SV [BSV] Price Analysis: Bulls and bears remain in an impasse

Biraajmaan Tamuly

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Source: Pixabay

Bitcoin SV [BSV] continued devaluating after a collective bull run improved its standing in the cryptocurrency market. The token was valued at $66.48, while the market capitalization recorded was a stable $1.17 billion. The token fell against the US dollar by 2.36 percent. Further, trading volume garnered in the last 24 hours failed to cross the $100 million mark, and fell short at $92 million.

HitBTC exchange took the top spot and contributed 20.74% of the entire trade volume via the trading pair of BCHSV/BTC. The other exchange involved was BitForex, which contributed around 13.01% of the total trade volume.

1-hour

Source: TradingView

The one-hour chart pictured an uptrend from $68.171 to $71.802, while the coin posted a downtrend from $70.611 to $68.126. The resistance line formed during the bull run was steady at $71.87, but the immediate resistance was at $68.186.

The Bollinger Bands pointed towards a period of volatility in the token’s price.

The MACD line indicated a bearish phase for the token as the red line overtook the blue line after a crossover.

The Fisher Transform pointed towards continued bear dominance as the red line remained above the blue line on the chart.

1-day

Source: TradingView

The long-term chart indicated a sideways movement for the token between the resistance line at $75.609 and the support line at $61.633. The coin did not recover its losses from last year, but a minor uptrend extended from $67.776 to $75.495.

The Parabolic SAR had its markers above the candlesticks, suggesting a bearish phase for BSV.

The Awesome Oscillator indicated a bullish trend for the token. However, the trend was fairly weak, and the green bars did not control overall market momentum.

The Relative Strength Index or RSI showed that the buying and selling pressures had evened themselves out as the RSI line fell.



Conclusion

The overall trend for the token remained neutral. The short-term chart indicated a bearish run for BSV, while the long-term chart showcased a stabilized price valuation for the coin.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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