- BSV has recently taken over BCH in market cap rankings.
- If BSV can break above $120, we could see the gap between BCH and BSV continue to widen.
- Support moving forward: $100, $98.03, $86.07, $76.40, $66.72, $52.95, $44.76.
- Resistance moving forward: $117, $120, $130, $139.14, $150.78, $167.52.
Latest Bitcoin SV News
As the rest of the cryptocurrency market continues to collapse over the past 24 hours, with Bitcoin creating fresh 2018 lows once again, Bitcoin Cash Satoshis Vision (BSV) has seen a surge in its value, leading to it overtake its rival, the original Bitcoin Cash.
Over the past 24 hours, BSV has risen by an impressive 22%. It created a “flippening” as it takes over Bitcoin Cash for the 5th ranking in market cap valuations. BSV presently holds a $1.96 billion market cap whereas BCH now holds a $1.77 billion market cap, putting it in 7th position behind Tether.
Although BSV may have lost the hash war, where miners went head-to-head to create the longest chain after the split in the hopes of securing the BCH ticker, it does seem that over the medium term, BSV has won the battle for market cap dominance.
At the time of the hard fork, both the BCH ABC camp and BCH SV camp underwent a long 10-day battle with each other in securing as much hashing power as possible.
However, a few days into the war, Calvin Ayre of CoinGeek announced that the battle was over, and that BSV would be going its separate way with its own fresh ticker symbol as they added replay protection to their codebase.
Some believed that this was BSV admitting defeat.
However, as time has progressed it is clear that BSV and BCH are still battling with each other, now over market cap value — a war that BSV is currently winning.
Let us take a look at the BSV market and highlight any areas of potential support and resistance moving forward.
BSV Price Analysis
Taking a look at the BSV/USD market above, we can see that price action has seriously struggled after the split, dropping to an incredible low below $40.
However, towards the end of November 2018, we can see that price action made a recovery attempt as it broke back above the $100 level.
The market has remained relatively stable over the past week or so, as price action dropped briefly to a low of $76 before climbing back toward the $100 mark.
Trend: BULLISH — If BSV Breaks Above $120
Surprisingly, the BSV market is bullish despite the fact that the real original Bitcoin has continued to make fresh lows in today’s trading session. BSV/USD will need to break above $120 before the bullish trend can continue.
What If BSV/USD Breaks Above $120?
If BSV/USD breaks above $120, we can then expect the market to rise up into near-term resistance provided by the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in purple), priced at $139.14 and $150.78 respectively.
If the buyers continue to drive the market even higher above $150.78, expect further higher resistance to be located at the 1.618 Fibonacci Extension level (drawn in purple) priced at $167.52, followed by the $180 and $200 handles.
What If BSV/USD Fails to Break Above $120?
If BSV/USD does not manage to break above $120 and rolls over, we can expect immediate support beneath to be located at the .236 and .382 FIobnacci Retracement levels (drawn in green), priced at $98.03 and $86.07 respectively.
Further support below this can be expected at the .5 and .618 Fibonacci Retracement levels (drawn in green) priced at $76.40 and $66.72 respectively, with even more support below at $52.95 and $44.76.
Although the hash war may be over for the ABC and SV camps, the market cap war has just started and BSV is now leading the charge.
If BSV can continue to climb above the $120 handle, we could expect the gap between BCH and BSV to widen if BCH fails to make a recovery.