Bitcoin SV [BSV] turned to the bears again, after two successive market-induced bullish waves saw the coin trading in green. Following the uptrends on 15 and 18 March, the coin fell against the US dollar by 1.08 percent.
The Bitcoin Cash hardfork was trading at $66.07, a drop from its previous week’s high of $72.19. The market cap of the coin stood at $1.16 billion, trailing a relatively bullish Cardano [ADA] by over $150 million.
BitForex took the top two spots in terms of BSV trading volume, accounting for 11.15 percent and 10.82 percent in the trading pairs BSV/USDT, and BSV/BTC. Other notable exchanges included IDCM, HitBTC and Huobi Global.
The one-hour BSV chart showed a significant downtrend from $70.59 to 67.27, one that persisted till press time. A downtrend that pictured the coin dropping from $71.74 to $69.76 was also traced on the chart.
Bitcoin SV found immediate support at $65.12. The immediate resistance level of the coin was $68.19.
The Bollinger Bands indicated falling volatility as the coin’s price had stabilized. Additionally, the Moving Average line pointed to a mildly bearish turn.
The Chaikin Money Flow tool showed a decrease in the money inflow into BSV tokens, as the CMF line had dipped below 0.
The Awesome Oscillator indicated a decrease in the coin’s short-term momentum. Further, with the concluding bars turning red, bearish movement was expected.
The one-day chart showed inconsistent movement for the BSV market. In the past few weeks, the coin dropped from $75.71 to $67.15, and then rose from $67.01 to $71.07.
Bitcoin SV found immediate support at $65.64, and the immediate resistance level of the coin was present at $75.65.
The Parabolic SAR indicated a bearish phase for the coin, as the dotted lines were above the coin’s trend line.
The MACD indicated the bull’s entry into the coin market, as the Signal line was below the MACD line.
The Relative Strength Index pointed to a significant decrease in investor interest, as the RSI had dropped from 55.12 to 47.98.
In the short run, low volatility, negative money inflow, and reduced momentum was projected for the BSV market. In the long run, the MACD remained hopeful, despite the Parabolic SAR and RSI indicating a bearish run for the coin.
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