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Bitcoin SV [BSV] continued its bearish run on the back of the collective market dropping below the $140 billion mark. After two successive bullish waves in the past week, the coin market turned red.

At press time, the BCH hardfork fell against the US dollar by 1.26 percent, and was trading at $65.88. The market cap of the coin stood at $1.16 billion, trailing Cardano [ADA] by over $220 million.

Bitforex took the top spots with respect to BSV trade volume, via the trading pairs BSV/USDT and BSV/BTC. The pairs accounted for 12.28 and 12.17 percent, respectively. Other notable exchanges on the list were HitBTC, IDAX, and IDCM.

1-hour

Source: Trading View

The one-hour BSV chart showed a massive downtrend stretching from $68.71 to $66.32, with the coin dropping further below. The sole uptrend was prior to this drop when the coin rose from $67.71 to $68.71.

Bitcoin SV found immediate support at $64.55, which the coin was hovering above. The immediate resistance level stood at $68.77.

The Bollinger Bands pointed to a massive increase in volatility as the price declined. The Moving Average line indicated a bearish swing.

The Chaikin Money Flow tool showed a decrease in the money inflow to BSV tokens as the CMF line was below 0.

The Awesome Oscillator showed a significant decrease in short term market momentum, but the concluding bars being green indicated an imminent bullish change.

1-day

Source: Trading View

Bitcoin SV saw two downtrends, with the first downtrend shaving the price from $75.71 to $67.15. The second downtrend pulled the price down from $70.39 to $67.65.

The coin found immediate support at $61.72, which the coin touched in February. Bitcoin SV’s immediate resistance level stood at $75.65.

The Parabolic SAR indicated a bearish market, as the dotted lines were above the coin’s trend line.

The Relative Strength Index showed a notable decrease in investor interest as the RSI dropped down from 55.65 to 46.38, at press time.

The MACD continued projecting bearish signs as the MACD line pushed below the Signal line.

Conclusion

Bitcoin SV failed to hold on to the bulls as the coin’s price declined below the $70 mark. In the short term, the coin’s volatility was high, while the money inflow dropped. Short-term momentum was negative, further pointing to the resoluteness of the bears. In the long-term, the MACD and the Parabolic SAR indicated a bearish market.

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