Bitcoin SV [BSV] Technical Analysis: BSV breaks support, hits one-month low

The Bitcoin Cash [BCH] hardfork, Bitcoin SV [BSV], touted to be the “original Bitcoin”, is on a sharp decline and is the worst performing coin in the top-10. Bitcoin SV has followed the overwhelming bearish market trend, which has cut nearly $4 billion from its global market cap and the collective cryptocurrency market stands at $116.53 billion.

Bitcoin SV is down by a whopping 8.43 percent against the US dollar as the price of the coin has slipped to a one-month low of $67.54 and poses a market cap of $1.18 billion with Cardano [ADA] and the bullish Binance Coin [BNB] closing in.

In terms of exchange division, BitMart holds the highest BSV trading volume with 10.08 percent in the BSV/USDT trading pair. Following are Dragon Mart and BitMart again, accounting for 8.47 percent and 7.67 percent in the BSV/USDT and BSV/BTC trading pairs respectively.

1-hour:

Since the start of the past weekend, Bitcoin SV’s downtrend has extended from $76.34 to $73.15, with a further decline imminent, leading to a successive downtrend. There are no uptrends to boast about, as the coin has been on a dismal run since the start of the year, with the recent decline a stand-out.

Bitcoin SV has shattered its immediate support level of $72.03 and is trading well below. The coin’s immediate resistance level is $76.27, with the coin nearly $10 below the same. Previously, the coin’s prolonged support and resistance levels were $74.27 and $77.46 respectively.

The Parabolic SAR points to a severe bearish market as the dotted lines are aligned above the coin’s trend line.

The MACD line shows that the coin is trading with bearish momentum since 0700 UTC on 26 January.

The Chaikin Money Flow tool indicates that investors are increasingly pulling their money out of Bitcoin SV, as the market takes a bearish turn.

1-day:

The one-day trend line points to a declining market for Bitcoin SV once again since it emerged in November 2018. A steep downtrend overshadows the three-month trend line, extending from $218.93 to $75.53, with no respite.

Bitcoin SV found long term resistance at $114.56, which it slipped below in late-December. The coin has immediate support of $67.82, which has been broken since the severe bearish market began over the past weekend.

The Bollinger Bands point to a decrease in volatility as the price of the coin has been on a constant decline, with little fluctuation. The Moving Average line indicates a bearish market.

The Fisher Transform indicator suggests that the recent bearish market began on 26 January, following a crossover of the Fisher and the Trigger lines.

The Awesome Oscillator shows that the coin is trading with bearish momentum as the AO line slipped below 0.

Conclusion:

Bitcoin SV [BSV], since splitting from Bitcoin Cash has been pushing the boundaries in terms of scaling and application, spearheaded by nChain, but the market performance of the coin has been very negative.

In the short term, the coin is the worst performing in the top-10 whereas, in the long-term, Bitcoin SV has slipped below its support level. Major indicators also suggest that the bearish market for the BCH hardfork will persist.