Bitcoin SV, the persistent hardfork of a hardfork of Bitcoin has now become a mainstay in the top-10 coins in the cryptocurrency market. Currently placed on the eighth spot with a market capitalization of $3.41 billion, behind its big-brother Bitcoin Cash which has a market capitalization of $4.3 billion.
Looking at the price of BSV, there still looks to be a high degree of volatile pumps and dumps in its market. In the short term, the price increased from $152 to almost $200, a 31.2 percent move, in a period of under three days. Since then, however, the price has been unsteady, dropping to a low of $177 and trading in an almost parallel wedge.
Since hitting resistance level at $197.71, the price has moved to form lower highs and higher lows. The highs have formed at $192, $189 and most recently at $185 while the lows [which began forming a day after the highs] were seen at support level of $177, $178.5 and $182, respectively. Needless to say, the highs and the lows are moving closer to each other, moving into a tighter zone.
This wedge is also accompanied by a massively decreasing volume. On the day of the move, between July 8 to July 10, the 24-hour trading volume of BSV was over $2 billion, higher than the daily volume of top-ranked altcoins like XRP, and Litecoin. Following the price move over$190, the traded-volume was cut in half, going as low as $870 million, in periods of low volatility.
Relative Strength Indicator for Bitcoin SV has been struggling to move up. During the pump, it shot as high as 90, before falling below 30 two days later, despite the price dropping by $20. When the price moved from $177 to $188, RSI jumped over 70 once again, and now is back down to 48.87. Bollinger Bands for the altcoin have now moved closer together indicating low volatility.
For coins like Bitcoin SV which are not traded on the big exchanges, pumps and dumps are a common occurrence, and so is low volume. That being said, the wedge in the one-hour chart will likely fall apart with persistent and decreasing volume, if it does, which is likely after a 30 percent pump in the past week, the first level of support is at $177, and if that falls, BSV could go back to $150.
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