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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.

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