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Bitcoin SV [BSV] Price Analysis: Bulls look to spark rally pushing the coin into the top-10

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Bitcoin SV [BSV] Price Analysis: Bulls look to spark rally pushing the coin to the top-10
Source: Pixabay

Bitcoin SV [BSV], the Bitcoin Cash [BCH] hardfork, was pushed out of the top-10 list last week, courtesy of Binance Coin’s [BNB] remarkable rise. While the coin’s chief advocate, Craig Wright proclaims to be the real Satoshi Nakamoto, BSV has been slipping on the coin charts, despite the bullish market conditions.

At press time, the coin has managed to edge up against the US dollar by a mere 1.29 percent and is now priced at $65.69, with the market cap of the coin pegged at $1.15 billion.

In terms of exchange dominance, the coin’s highest trade volume is taken by the exchange IDCM, which holds $5.59 million or 9.43 percent of BSV’s trading volume in the trading pair BCHSV/USDT. Following closely behind are Bit-Z and DragonEX, with 8.13 percent and 7.74 percent held in the trading pairs, BCHSV/BTC, and BSV/USDT.

1-hour:

Source: Trading View

Source: Trading View

The one-hour chart shows two prominent uptrends followed by some stabilizing movement for the coin. The coin first shot-up from $63.15 to $68.86, followed by a successive rise from $64.75 to $67.42, after which the coin has been stable around $64.82 to $66.91.

Bitcoin SV has an immediate support level of $64.5, which the coin is currently trading above. The immediate resistance level of the coin stands at $67.59, which the coin touched earlier this week.

The Bollinger Bands points to decreased volatility as the price of the coin is relatively stable, while the Moving Average line points to a bullish trend.

The Chaikin Money Flow tool shows that the money put into BSV coins has been increasing since 11 February, but the recent trend shows a mild decline, with the CMF line heading for 0.

The MACD line shows that the coin has been in a bullish zone since the start of this week.

1-day:

The one-day chart shows that the coin has been on a downward slope since mid-December, but the recent signs point to an upward swing. The coin’s downtrend stretched from $114.87 to $68.43, with the current price below the same.

Bitcoin SV finds immediate support at $61.14, which the coin dipped below last week. The immediate resistance level of the coin stands at $68.89, with the current price of the coin nuzzled below.

The Parabolic SAR points to a bullish trend for the coin as the dotted lines are aligned below the coin’s trend line.

The Fisher Transform line show that the coin is in a bullish zone as the Fisher line has overtaken the Trigger line.

The Awesome Oscillator shows that the coin is trading below 0. However, the closing bars are marked green, pointing to upcoming bullish activity for the coin.



Conclusion:

Bitcoin SV has been increasingly trying to push its prices up, following a bearish market for the coin that has persisted since the close of the previous year. The coin has been pegged behind Binance Coin, with a market cap difference of over $150 million, but the short-term indicators show a bullish rally for the coin. In the long-term, however, the coin has been going through a stable patch with the recent signs indicating an upswing for the coin. If the market does turn in the favor of Bitcoin SV, as surrounding coins see a market correction, BSV could well move back into the top-10.





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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