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Bitcoin SV [BSV] Price Analysis: Market correction forces bait bears as token anticipates decline

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Bitcoin SV [BSV] Price Analysis: Market Correction forces bait Bears token looks to decline
Source: Pixabay


Following the collective market rise on 16 March, the bulls resisted market correction forces, and the $140 billion market cap held firm. Bitcoin SV [BSV] looked fairly stable as the coin was trading green, and rode the collective bullish wave.

BSV gained against the US dollar by 1 percent, with the coin trading at $68.37, at press time. The coin’s market cap stood at $1.2 billion, behind Cardano [ADA] by $120 million.

BitForex took the top spot in BSV global trading volume, accounting for 11.43 percent of the total volume via the trading pair BSV/USDT. Other BSV-dominating exchanges were, HitBTC, IDCM, and Huobi Global.

1-hour

Source: Trading View

The one-hour chart for Bitcoin SV indicated a downtrend, following a brief rise on 18 March. Bitcoin SV saw a downtrend from $71.83 to $68.98, following the collective market rise two days prior.

Bitcoin SV found immediate resistance at $71.86 during the bullish swing, which has shifted down to $70.62. The immediate support level recorded was $68.35.

The Bollinger Bands pointed to a slight decrease in volatility as the coin’s price dipped, while the Moving Average line switched from the bulls to the bears.

The Chaikin Money Flow tool indicated a drop in the money inflow into BSV tokens, as the CMF slumped below 0.

The Awesome Oscillator showed a minor increase in short term momentum, with slow bearish signs in the offing as the concluding bars were red and small.

1-day

Source: Trading View

The one-day chart showed a price decrease for the first time in over three days, as the market turned. Bitcoin SV saw a larger downtrend since the close of February from $75.71 to $67.15. The uptrend was minor in comparison, pushing the price up from $67.01 to $71.85.

Bitcoin SV found immediate support at $65.64, with the immediate resistance level at $70.18.

The Parabolic SAR pointed to a bearish swing in the BSV market as the dotted lines were below the coin’s trend line.

The MACD indicated a bullish wave, as the MACD Line had overtaken the Signal Line.

The Relative Strength Index pointed to an initial increase in investor interest from 46.61 to 55.39, following which it dropped to 51.55, at press time.

Conclusion:

The Bitcoin SV price was buoyed as the top cryptocurrency Bitcoin [BTC] pushed above the $4,000 mark. The short-term indicators pointed to an upcoming downtrend, with a decline in money inflow. In the long-term, investor interest had declined, but the MACD still pointed to a bullish swing.





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