Bitcoin
BTC$49 813.00

-0.95%

Ethereum
ETH$4 391.95

1.59%

Binance Coin
BNB$605.40

5.72%

Tether
USDT$1.000938

0.02%

Solana
SOL$191.63

1.67%

Cardano
ADA$1.38

0.73%

Bitcoin SV Moves from Consolidation to Consolidation


April 2020

However paradoxical it may sound but right now, the forks of Bitcoin are actually doing relatively better in terms of price action than their forefather. Take Bitcoin SV, for instance: despite all the controversy that surrounded this coin with regard to the infamous Craig Wright legal case and the market crash, the 6th cryptocurrency managed to retain the yearly level of profitability at 153% against USD and even provided a 64% better yield than Bitcoin.

Favorable showings but no bursting price action to be expected


Even though many had been predicting that the soaring price of BSV in the first month of 2020 was fueled by the hype generated by the mentioned court charade, the coin itself proved them wrong by consolidating steadily around the $275 before being kicked in the gut by the fast, though expected emergence of global economic crisis. 

1-day BSV/USDT chart

But even though the price slump on March 12-13 might have seemed as unexpected and abrupt, it had actually fallen perfectly in line with the macro downtrend, which had been pulling the price back to the target area at $169 - $170, from which the price pump began. That particular level coincides with probably the largest money infusion that the coin ever experienced; therefore, the logic dictates that a big player that stood behind this move would have wanted to close his positing around the same level after the price made a spectacular arc during the 60-day cycle.

The consolidation that followed the nosedive to $80 was necessary for the market participants to come to their senses and begin taking up new positions. That process lasted for about a week, upon which the price made a powerful leap through the roof of the descending channel at $138, and entered the phase of the second consolidation without even retesting the prior level of support, which speaks of the bullish intentions, at least for the time being.

What’s interesting, though, is that the present consolidation area is congruent with the pre-pump area, which proves the notion that such levels usually serve as strong price magnets. In any case, BSV is now looking for an exit from the ascending wedge, most probably to the upside, given that the price will have finalized the morning star pattern on the daily time frame. However, this could prove to be troublesome since the trading volume in recent days has been mild, with no signs of big money entering the market.

Nevertheless, MACD is still on the rise after bottoming out from -40 and forming a bullish crossover - both moving averages are far away from each other, so a move to the zero line appears to be feasible. This should be enough for BSV to burst out of the wedge and establish new support above $170.

That move would be accompanied by the temporary penetration of the 50-period exponential moving average, which is now approaching the price action range. In the current circumstances, the bulls won’t be able to push through that barrier, so the consolidation zone of Bitcoin SV for the next seven to ten days should be between $168 - 192, which is a relatively comfortable range for scalping.

Author: Alex Paulson for Crypto-Rating.com

Related

Bitcoin SV (BSV): The Bears Hold It Tight In Their Claws
Bitcoin SV (BSV): The Bears Hold It Tight In Their Claws
Bitcoin SV (BSV) Might be Heading for the March Price Levels
Bitcoin SV (BSV) Might be Heading for the March Price Levels
Bitcoin SV (BSV) Lives the Post-Halving Disaster
Bitcoin SV (BSV) Lives the Post-Halving Disaster
Bitcoin SV (BSV): Nothing to Boast About at the Moment
Bitcoin SV (BSV): Nothing to Boast About at the Moment
Bitcoin SV: Life After a Fairytale Pump
Bitcoin SV: Life After a Fairytale Pump
Bitcoin SV (BSV) Price Prediction
Bitcoin SV (BSV) Price Prediction
Bitcoin SV (BSV) Price Forecast
Bitcoin SV (BSV) Price Forecast
Bitcoin SV Price Forecast for November 2019
Bitcoin SV Price Forecast for November 2019
New coins on the rise: BSV, BTT, BNB
New coins on the rise: BSV, BTT, BNB

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.4% 48 $49 813.00 -0.95% -11.99% $941 251 246 985 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 39 $4 391.95 1.59% -2.72% $521 163 421 423 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 35 $605.40 5.72% -2.08% $100 981 494 949 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000938 0.02% 0% $76 397 930 724 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 61 $191.63 1.67% -15.25% $58 896 286 697 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 65.2% 77 $1.38 0.73% -10.09% $46 053 468 779 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $0.999918 0% -0.08% $41 010 560 847 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 65 $0.855956 5.04% -11.91% $40 441 604 421 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 64% 75 $75.93 12.09% 18.47% $28 907 461 002 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 68.4% 70 $29.14 -0.01% -17.85% $28 780 399 611 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.178327 0.22% -13.26% $23 617 635 191 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 77 $92.70 3.12% -20.82% $22 508 416 490 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.4% 79 $0.000037 -1.09% -13.95% $20 139 409 217 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 63.2% 70 $2.35 2.82% 11.77% $16 640 526 821 MATIC 7 days price change
15 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 65.2% 78 $0.609576 -0.56% -14.38% $15 399 729 736 CRO 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.