Bitcoin SV [BSV] Price Analysis: Token breaks long-term support as bears attack

As the collective cryptocurrency market edged down by $2 billion to $111.43 billion, all the coins in the top-10 opened the day in red. Bitcoin SV [BSV] is the worst performing coin in the top-10 but has still managed to hold on to its tenth spot.

Bitcoin SV has declined by 5.05 percent against the US dollar and is currently priced at $59.18, its lowest price in the close of November. The market cap of the coin is just above the billion-dollar mark, currently pegged at $1.041 billion, the lowest since the coin emerged post the hardfork.

Hard Fork, the sub-brand under The Next Web reported earlier this week, that the Bitcoin SV blockchain was used to pedal images of child abuse which seems to have taken a negative hit at market sentiments.

In terms of exchange domination, Bit-Z takes the top spot with a BCH trade volume of $6.34 million or 10.98 percent in the BCHSV/BTC trading pair. Following up is BitForex accounting for $5.27 million or 9.14 percent in the BSV/USDT trading pair.

1-hour:

The coin saw three prominent downtrends this week, the first stretching from $72.74 to $65.44, the second from $66.73 to $64.39 and the most recent one, which still persists, from $61.72 to $59.73.

Bitcoin SV finds immediate support at $59.63, and immediate resistance at $61.99. The previous support and resistance level which the coin has dipped below is pegged at $63.67 and $66.71 respectively.

The Bollinger Band show a massive increase in volatility as the price of the coin has dipped so quickly, while the Moving Average line indicates a bearish market.

The Chaikin Money Flow indicator shows that investors are increasingly pulling their money out of Bitcoin SV, fearing a bearish run.

The Fisher Transform line indicates a cross-over from the bears to the bulls as the Fisher line has overtaken the Trigger line.

1-day:

In terms of the one-day chart, Bitcoin SV has been on a bearish swing since it emerged in November 2018. However, the more immediate candlesticks have seemed to dip lower than the coin’s ongoing trend.

The downtrend for the coin has stretched from $219.12 to $64.79. The coin finds immediate resistance at $72.25, in the long run, and the coin has dipped below its long-run support level of $63.13.

The Parabolic SAR indicates a bearish market for the coin as the dotted lines are aligned above the coin’s trendline.

The MACD line shows that the coin is on a deep bearish swing since the beginning of the year.

The Relative Strength Indicator shows that investors are selling off their held BSV, with a press time RSI of 29.49, entering the “oversold” zone.

Conclusion:

Since 2019 began, Bitcoin SV has been facing the bears with some amount of resistance, reflecting in a stabilizing spree for the coin. However, it looks like that resistance has subsided, with the coin slipping below the long-term support level. Furthermore, if the bearish market conditions persist, the coin looks likely to drop below the $1 billion mark, and lose its tenth spot to Binance Coin [BNB].