Connect with us

Analysis

Bitcoin SV [BSV] Price Analysis: Coin reaches an impasse as prices fail to consolidate

Biraajmaan Tamuly

Published

on

Bitcoin SV [BSV] Price Analysis: Token reaches an impasse as chart fails in consolidating prices
Source: Pixabay

Bitcoin SV, the eleventh largest cryptocurrency in the world, dropped after the price hike on 21 March. At press time, the price of the token was $65.29 and it fell by 1.77% against the US dollar. The market capitalization recorded was $1.15 billion, and the trade volume over the past 24 hours was around $78 million.

1-hour

The coin showed a significant downtrend as the price failed to consolidate during the earlier uptrend seen on March 21. The coin went up the price scale to $68.468 from $67.392. Following this, the downtrend brought the token’s valuation down from $67.052 to $66.259.

The Bollinger Bands were seen diverging from each other and implied a volatile period for the coin’s price.

The Fisher Transform markers pointed towards a bearish trend for the coin at press time, as the red line remained above the blue line.

The Relative Strength Index or RSI signified that investors were moving out of the coin’s market as the token was oversold on the short-term chart.

1-day

Source: TradingView

The long-term chart showcased continuous sideways movement, with the price moving between the resistance at $75.609 and the support line at $61.633. The uptrend took the coin’s valuation from $67.658 to $75.725, and an immediate downtrend navigated the token’s value to $70.061 from $76.639.

The Parabolic SAR aligned over the candlesticks and implied that the trend would remain bearish.

The MACD line and the signal line remained in close proximity. The indicator pointed towards a bearish trend as the red line hovered just above the blue line.

Chaikin Money Flow or CMF indicated a drop in cash inflow as the CMF line remained below the zero-line.



Conclusion

Bitcoin SV continued to tread sideways in terms of price valuation and failed to indicate a clear picture. The short-term chart pointed to a further fall in prices, but the long-term chart indicated a stabilized period for the token’s future.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



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

Avatar

Published

on

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].





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending