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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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