Bitcoin SV [BSV] Technical Analysis: BSV opens the week with a decline as bears move

The cryptocurrency market opened the week with another low, following the trend of the previous weeks. The collective market capitalization fell to 120 billion dollars, all the main coins being emptied in red. Bitcoin SV [BSV]BCH Hardfork jumped more than 6% in a single day on January 14th, but is nowhere near reaching tenth on the coin ladder.

The market capitalization of Bitcoin SV rose to $ 1.43 billion, at its highest point last week, and dropped from more than $ 120 million to $ 1.31 billion on January 20th. The coin has seen a steady decline, along with the rest of the market, and 2.64% against the US dollar at the time of publication.

In terms of dominant position on the foreign exchange market, BitMart posted the maximum volume of BSV trading, with USD 6.74 million on the BSV / USDT pair, or 11.36% of the total trading volume. Bit-Z followed closely, with 10.12% or $ 5.76 million on the BCHSV / BTC trading pair.

1 hour:

The most common downtrend among SV Bitcoin began about 10 days ago and persisted, dropping the price of the coin from $ 87.71 to $ 77.41. The most recent downtrend, which started on January 20 and continues today, has gone from $ 77.76 to $ 75.24.

The play had three levels of resistance last week; the former amounted to $ 82.54 and the other two to $ 79.01 at two successive intervals. The support level of the coin is currently $ 74.69, just above the coin.

the Bollinger Groups indicates that the volatility of the room is rising as prices plummeted after the weekend. The Moving Average line indicates a bearish switch.

the Fisher Transformation shows that Bitcoin SV was trading with bullish momentum before crossing the Fisher and Trigger lines, indicating a change.

the Chaikin flow indicates that despite falling prices, investors are injecting money into Bitcoin SV, with the CMF line above 0.

One day:

Since BSV was introduced to the market in mid-November 2018, the part has seen a steep downward trend despite various developments. The aforementioned downward trend has gone from $ 218.72 to its launch at $ 79.86 in January.

Bitcoin SV has three levels of prominent support in the one-day chart, at 42.77 USD, 68.46 USD and at its current price of 75.11 USD. The resistance levels of the coin were set at $ 114.97 and $ 84.63 respectively.

the Parabolic SAR points to a bear market because the dotted line is aligned above the candlesticks of the coin.

the MACD line shows that Bitcoin SV has entered the bear market early in the year.

the relative strength index down from its peak of $ 50.72 in mid-November. At the time of printing, the RSI of the coin was $ 38.64.

Conclusion:

Bitcoin SV has been trending downward since splitting Bitcoin Cash but with rising support levels since December. The piece experienced a brief recovery in early January, but failed to count the bearing, as the price seems to be back to the support level, with the bears looking to jump.