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Bitcoin SV [BSV] Technical Analysis: Cryptocurrency enjoys post-fork high as bear looms large

Akash Anand

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Bitcoin SV [BSV] Technical Analysis: Cryptocurrency enjoys post-fork high as bear looms large
Source: Unsplash

The Bitcoin Cash [BCH] hard fork was the talk of the town over the last few weeks, the event which resulted in Bitcoin Cash splitting into two different tokens: Bitcoin SV [BSV] and Bitcoin ABC. The ABC implementation is the one that has garnered more popularity in the crypto verse, evidenced by the adoption by popular cryptocurrency exchanges like Coinbase and Birex.

After the fork, Bitcoin SV has actually shot up in prices, with weekly estimates showing that the cryptocurrency has risen by a whopping 90%.

1-hour

The one-hour BSV graph shows a substantial uptrend that has lifted the price from $68.857 to $116.832. The support has been holding at $39.236, while the immediate resistance is plotted at $140.45.

The Awesome Oscillator [AO] shows a pickup in the market momentum, with the bearish momentum overtaking its bullish counterpart.

The Chaikin Money Flow [CMF]  indicator has stayed above the zero line, which signifies a bullish run. This also means that the money coming into the market is more than the outflow.

4-hour

The four-hour BSV charts show both a downtrend and an uptrend. The downtrend brought the prices down from $137.185 to $57.158 while the following uptrend saw BSV shoot up to $116.259.

The Bollinger band shows the cryptocurrency diverging to form a massive bearish cloud. The upper Bollinger cloud and the lower Bollinger cloud have both taken the shape of a venturi tube, signifying multiple trend changes.

The MACD indicator has taken a bullish tangent as reflected by both the MACD histogram as well as the MACD line. The signal line is heading for a convergence with the MACD line, which points to a slight bearish drop.



Conclusion

Bitcoin SV may have been the least popular of both the fork products, but the bull does not look like it minds it. The Bollinger band, AO and the CMF all take the side of the bull while the MACD indicator predicts a slight price drop.





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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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