Bitcoin SV, the eleventh largest cryptocurrency on CoinMarketCap, continued to suffer a bearish trend after a brief hike on 25 February. At press time, the coin declined by 0.33% over the past 24 hours. The coin failed to cross the $70 mark and was valued at $66.91.
The market capitalization at press time stood at $1.18 billion, with IDCM exchange contributing to 13.94% of it via the trading pair BCHSV/USDT.
The 1-hour chart demonstrated an overwhelmingly bearish trend. The coin noted a downtrend which extended from $76.68 to $69.570 and an uptrend from $63.285 to $74.23. Resistance was found at $70.68, a level the coin had not breached since the fall of the coin’s price.
The Bollinger Bands were inching towards a divergence, indicating a possibly volatile market for the coin’s market in the coming days.
The MACD marker indicated a clearly bearish trend ahead as the signal line hovered over the MACD line in the chart.
The Chaikin Money Flow had the marker falling towards zero, indicating that the flow of cash into the coin market reduced.
The 1-day chart for BSV highlighted the bearish market that BSV was under since inception. The downtrend extended from $216.630 to $69.12 over the past year. The price was bouncing around the resistance levels of $114.18 and later, $88.090 for a period of time until the price fell under the $88 mark.
The dotted markers of the Parabolic SAR were placed under the candlesticks, indicating a bullish trend for the coin. However, the dotted markers were flattening, suggesting an incoming change of trend.
The Relative Strength Index indicated that the buying and selling pressures evened each other out in the coin market.
The Fisher Transform pointed towards a bearish trend as the red line was over the blue line in the chart.
Most of the short term and long term indicators suggested that the market for BSV was heading towards a bear run, with a decline in price valuation.
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.