Bitcoin SV [BSV] Price Analysis: Token rises as market bulls stoke an uptrend

The global market has buoyed once again, adding $4 billion to the collective market cap over the past weekend. Bitcoin SV [BSV], the coin booted out of the top 10 by Binance Coin [BNB] is trading fairly well in the bullish market.

Bitcoin SV has risen in value against the US dollar by 2.97 percent and is currently trading at $63.90. The coin’s market cap stands at $1.12 billion, just under $200 million behind Binance Coin.

In terms of exchange volume dominance, the coin is most prominent in the Bit-Forex exchange, taking the top 2 spots and accounting for $10.14 million or 10.1 percent in the BSV/USDT trading pair and $9 million or 8.96 percent in the BSV/BTC trading pair. The third spot is taken by Bit-Z, via the trading pair BCHBSV/BTC, accounting for $8.54 million or 8.5 percent.

1-hour

Source: Trading View

The one-hour trend line shows that the coin saw three notable uptrends, the first from $63.26 to $64.02, the second from $63.18 to $63.90, and the final one from $63.19 to $65.72.

Bitcoin SV finds immediate short-term support at $62.74, and the immediate short-term resistance has risen from $64.11 to $65.98, as a bullish wave swept over the collective market.

The Bollinger Bands show a massive increase in volatility as the prices surged rapidly, while the Moving Average line shows a significant bullish trend.

The Chaikin Money Flow tools indicates a decrease in the amount of money pumped into the coin as the CMF line is below 0.

The Fisher Transform line shows a bullish wave as the coin Trigger Line has been overtaken by the Fisher Line.

1-day

Source: Trading View

The one-day chart for Bitcoin SV is beginning to show positive signs as a stabilizing spree is looking to push the bears out. The coin has been on a downtrend since it emerged, stretching from $114.44 to $66.42. Prior to the same, the coin rose up from $77.54 to $115.8.

Bitcoin SV finds immediate support at $61.14, which the coin has not fallen below since its emergence. The immediate resistance level of the coin stands at $68.88.

The Parabolic SAR shows that the coin is in a bullish phase, as the dotted lines are below the coin’s trend line.

The Awesome Oscillator shows that BSV is currently trading below 0. However, the concluding bars are green, indicating that a bullish trend is in the offing.

The Relative Strength Index shows a spike in investor interest as the coin’s price recently rose with the collective market. Bitcoin SV saw an RSI increase from 37.27 to its current level of 44.90.

Conclusion

Bitcoin SV has been pushed up by the collective market’s bulls. However, cash flow remains an issue, as indicated by the Chaikin Money Flow tool. In the short-term, the coin is trading with bullish insurgency and as the Bollinger Bands pointed out, the volatility of the coin is very high. In the long-term however, the coin is looking to use this uptrend to break out of a month-long stabilizing spree.

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