- Following the mainstream cryptocurrency, BSV has started the rally, but the bears are in no mood to let go of their dominance.
- The short-term analysis shows that the bears have started to dominate the market.
- The BSV/BTC pair is at 0.003038 BTC with a gain of 1.05%.
Bitcoin SV (BSV) emerged following a hard fork of the Bitcoin Cash (BCH) blockchain, which had, in turn, forked from the BTC blockchain. The goal of Bitcoin SV is to realize the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper, early Bitcoin client software, and Satoshi’s known writings.
The BSV coin has entered a slow recovery phase after its traditional cryptocurrency BTC on the daily chart. The coin has managed to attract buyers who are helping in the recovery phase, but this recovery is not enough as the price is on the way down quite a bit from an all-time high. This is the reason why the coin must attract more buyers. The BSV bulls are trying to help the rally, but the bears are obstructing their path. It looks like the bears are once again dominating the market, so investors should be prepared for further market movement.
The current price of a BSV coin is trading at $63.70 with a gain of 1.52% in its market capitalization. The coin has a trading volume of 91 million with a loss of 11.37% in the 24-hour trading session and a market capitalization of 1.2 billion. The market capitalization ratio by volume is 0.07492.
Short term analysis
Analyzing the short-term chart (4 hours), we can observe that the bears have started to dominate the market again and they have pushed the price almost equal to the exponential average. If this situation persists, the bears will succeed in reversing the trend.
Technical indicators like MACD indicate an upcoming bearish rally as the MACD signal line moves above the MACD line and the histograms fall red. In support of the above, the relative strength index shows an increase in sales. The RSI value for BSV has fallen below 60.
The BSV coin has entered a slow recovery phase after its traditional cryptocurrency BTC on the daily chart. The BSV bulls are trying to help the rally, but the bears are obstructing their path. The bears are back in the market and now they have started to dominate, so investors should be prepared. Technical indicators further support the bearish rally.
Resistance levels: $65.85 and $69.35
Support levels: $60 and $58.25
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.
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