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Bitcoin SV [BSV] Price Analysis: Bears look to hold fort as bulls prepare for price rally


Bitcoin SV [BSV] continued to navigate the bearish market as the token’s price moved sideways without any serious hikes or falls. The coin recorded a market cap of $1.17 billion, and was valued at $66.53, at press time.

The token recorded a minor growth of 0.17% against the US dollar over the past 24 hours. The 24-hour trading volume was $68 million. The coin was traded most on the IDCM exchange where the trading pair BCHSV/USDT contributed 18.28% of the coin’s total trade volume over the last 24 hours.

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1-hour

Source: TradingView

The one-hour chart recorded two downtrends extending from $67.34 to $64.33 and $69.83 to $67.37. It also witnessed an uptrend from $68.133 to $70.004. The resistance of the coin remained steady at $70.035, while the support held firm at $63.830.

The Bollinger Bands predicted a period of serious volatility for the coin as the markers deviated away from each other.

The MACD line indicated a bearish trend for the coin as the red line was placed above the blue line on the graph.

The Relative Strength Index or RSI remained neutral as the buying and selling pressures evened each other out. However, a drop in investor interest was observed.

1-day

Source: TradingView

The one-day chart of the token indicated a massive downtrend that extended from $218.39 to $75.127. The token kept oscillating between the resistance lines at $113.33 and $61.234, and the support at $43.110 has held strong since the coin’s inception.

The Parabolic SAR pictured a bearish trend for the token’s market as the dotted lines flattened above the candlesticks on the graph.

The MACD line indicated a bullish turnover for the coin’s price as the blue MACD line was hovering over the red line.

The Fisher Transform indicator pointed towards a bullish trend as the blue line remained above the red line. However, an impending crossover suggested a change in trend.

Conclusion

The one-hour chart predicted the coin’s near future to be bearish. However, the one-day graph and its indicators predicted the likelihood of an impending bull run for the coin.


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