Bitcoin SV, the hard fork of Bitcoin Cash has having a hard time trying to stay afloat with the price dropping approximately 60% in the week. At the time of writing, 1 BSV was worth $114.80 with a market cap of $2.152 billion.
The seventh-largest cryptocurrency has a 24-hour trading volume of $1.7 billion with a 3.68% surge in the last 24 hours. The price has been consolidating since its drop after March 12 into an ascending triangle.
- Even though the ascending triangle has higher probabilities of breaking out in a surge, this time, it might be a bearish breakout.
- From its current price, BSV could collapse anywhere between 6% to 16% in the next 24 hours.
- Bitcoin by virtue of correlation and the rest of the market has become highly correlated with the traditional stock market. Hence, a drop in the stock market could ripple out into the cryptocurrency market.
60 Minute Bitcoin SV Chart
The one hour Bitcoin SV chart shows the formation of an ascending triangle, however, it is primed for a breakout. For 6 hours, the price has already dropped by ~7% with more yet to come.
A drop from this pattern at this price would be supported by two supports, $107.315 and $95.519. The former is at 6% from the current price, while the latter is at 16% from the same point. Supporting the bearish breakout is the MACD indicator which has dipped below the zero-line.
If there isn’t a bounce from the pattern, the bears will most definitely push the price lower to the said targets.
Alternatively, if the price manages to surge, there is no immediate resistance for the price, at least not since March, hence, there could be the formation of an inverted Bart pattern. This would put the price at $175 and a total surge of 53% from its current price.
As for the DJI, the bleeding seems to have stopped or at least slowed down for now. The same can be said about SPX; both have surged 2%+ in the last hour. IF this keeps up, there might be a slim chance that the bitcoin sell-off will not occur. With global uncertainty, it is better to wait for the breakout.
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