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Bitcoin SV (BSV) Price Analysis—Rising Toward $175 or Expecting a Drop to $160?

Is Bitcoin SV going to fall faster than other altcoins?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation on the cryptocurrency market has improved as some coins from the top 10 list have come back into the green zone. Principally, yesterday's loser Binance Coin (BNB) is now the top gainer, having risen by 2.66%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, market capitalization is almost unchanged over the past 7 days and now makes up $269 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

Below is the relevant data for BSV as it stands today:

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  • Name: Bitcoin SV

  • Ticker: BSV

  • Market Cap: $3,160,524,632

  • Price: $171.18

  • Volume (24h): $1,075,366,891

  • Change (24h): -1.55%

The data is current at press time.

BSV/USD: Can bears break the $170 mark by the end of the week?

Bitcoin SV (BSV) has shown the biggest drop among the top 10 coins. The decline has totaled 1.55% since yesterday, while the price change over the last week has been -5.72%.

BSV/USD chart by TradingView
BSV/USD chart by TradingView

On the hourly chart, Bitcoin SV (BSV) may have found a local support at $170. The decline has not stopped, however. The possibility of a bounce off is supported by the bullish divergence on the RSI indicator. Besides, the trading volume is low, which means that there is little chance of seeing a further decline. A more likely price action is for traders to see a correction to the closest resistance at $173 shortly.

BSV/USD chart by TradingView
BSV/USD chart by TradingView

On a longer time frame, the altcoin should not dip to its July 6 mark. At the moment, there are no signals for a trend change due to a lack of trading volume. In this case, the coin might continue its ongoing drop to the bottom of the channel at $160. Sellers may attain this level by the end of July.

BSV/USD chart by TradingView
BSV/USD chart by TradingView

On the daily chart, sellers are also controlling the situation. The MACD is about to enter the bearish zone, which will confirm the ongoing decline. The selling trading volume is also quite high, and the closest stop may be the support of $150. Such a scenario is relevant until the end of summer 2020.

Bitcoin SV is trading at $171.63 at press time.

 
 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com