Bitcoin SV [BSV] failed to convincingly break the $70 barrier on the back of a collective market surge, and dropped down to $67.28, at press time. BSV fell below the aforementioned price point towards the end of February, and it has since not come close to $70. The market cap of the coin stood at $1.18 billion.

IDCM took the top two spots with respect to the global BSV trading volume via the trading pairs BCHSV/USDT and BCHSV/BTC, accounting for 15.73 percent and 11.98 percent, respectively.

1-hour

Source: Trading View

The one-hour chart for the coin showed successive drops and gains, followed by a period of stabilizing movement in two distinct cycles. The first downtrend slashed the price from $67.61 to $64.43, followed by a rise from $64.21 to $68.28. The next cycle saw an initial incline from $67.52 to $70.04, after which the coin began to dip again.

Bitcoin SV found immediate support at $66.34 and immediate resistance at $70.08.

The Bollinger Bands indicated a massive increase in the coin’s volatility, while the Moving Average line indicated a bullish market that was buoyed by the recent rise.

The Chaikin Money Flow tool showed a positive inflow of money into BSV tokens, as the CMF line was above zero.

The Awesome Oscillator indicated an increase in short-term momentum. However, since the concluding bars were red, bearish activity was predicted.

1-day

Source: Trading View

Bitcoin SV’s one-day trendline indicated a push out of the bearish zone, beginning in the middle of February and extending from $68.65 to $75.57. Prior to this push, the coin’s price dropped from $112.23 to $64.69. Since the push, the coin’s price has declined further, from $75.71 to $66.73.

The immediate support level of the coin stood at $60.51, while the coin found long-term resistance at $75.57.

The Parabolic SAR pointed at a switch from the bulls to the bears as the dotted lines were above the coin’s candles.

The MACD line indicated a bearish swing as the MACD line was over the Signal line.

The Relative Strength Index indicated a drop in investor interest from 59.15 to 43.92.

Conclusion

Bitcoin SV failed to find its footing in the market, dropping below $70 and out of the top 10 list. Long-term indicators were bearish as the coin’s price dipped following the mid-February bullish swing.


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(Excerpt) Read more Here | 2019-03-08 17:01:54
Image credit: source

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