Bitcoin SV [BSV] Price Analysis: Token looks to break resistance as bulls push for consistency
Bitcoin SV [BSV] closed last week out of the top 10, being ousted by long-term rival Binance Coin [BNB] as the market rose by $9 billion to send major coins into a frenzy. The now eleventh-largest cryptocurrency is still reducing while competing coins like BNB and Cardano [ADA] are on the rise.
The coin has declined by 1.23 percent against the US dollar and is now selling for $65.75, while the coin’s market cap stands at $1.15 billion, $169 million ahead of Cardano.
In terms of exchange dominance, BW took the top spot with $24.08 million or 28.45 percent of BSV trading volume in the BSV/USDT trading pair. Following up is IDCM and Bit-Z with 6.19 percent and 6.1 percent via the trading pairs BCHSV/USDT and BCHSV/BTC.
Bitcoin SV was pushed significantly high during a brief boom last week, but has managed to sustain it and push the prices up this week too. The uptrend stretched from $59.01 to $69.53 and was then pegged down from $69.32 to $63.04.
The coin’s immediate support level stands at $64.5, which the coin touched mid-week and is now trading below, while the coin’s immediate resistance stands at $67.57. The aforementioned levels are quite close indicating stable movement for the coin at $58.14.
The Parabolic SAR points to a bullish swing for the coin as the dotted lines are aligned below the coin’s trend line.
The MACD line shows that the coin broke into a bearish zone on 8 February. However, recent movement has been bullish.
The Relative Strength Index shows that after the bullish high raised the RSI to 69.42, it has been on a slight decline. At press time RSI was at 56.71.
The coin has been riding a downtrend since mid-December, with no recovery in sight. The downtrend, as it stands, extends from $115.63 to $68.35. Prior to this downtrend, the coin enjoyed two short uptrends, the first from $58.35 to $108.36 and the next from $74.26 to $114.27.
Bitcoin SV finds immediate support at $61.98, which the coin has breached since last week’s mild decline. The immediate resistance level of the coin stands at $67.70, which the coin fell below at the end of January.
The Bollinger Bands point to steady volatility since the beginning of January, as the prices have looked downwards, while the Moving Average line indicates that the coin is trading in a bearish zone, but is likely to make the switch to the bulls.
The Awesome Oscillator still pegs the eleventh-largest cryptocurrency trading below 0. However, the lines are green, indicating that bullish momentum is to take over soon.
The Fisher Transform line show that the coin has made a switch from the bears to the bulls as the Fisher Line has overtaken the Trigger Line on February 5.
The coin has been buoyed by the bullish swing of last week and has managed to sustain the high prices, rising above the immediate support level and close to breaking resistance. The short-term Bitcoin SV trend line indicates stable movement at a higher price-bracket, which shows hopeful signs. In the long-term, the coin looks to edge upwards following constant movement, as major indicators show bullish movement.
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