Bitcoin Satoshi Vision manages to triple its price in nine days
The cryptocurrency market this spring has left flowers for many investors, with high profits in some interesting projects since the Bitcoin rally entered the first day of Q2 2019.
At the time of writing, the volume of market capitalization of the entire ecosystem remains above $ 270 billion dollars and a BTC domain above 56%. After having experienced the surprising launch of Matic’s project in its prices, another similar behavior in leverage of the BSV cryptocurrency is now coming.
Bitcoin Satoshi Vision, as it is known the project resulting from fork of last November of BCH, has taken off in the last nine days to quote currently at levels close to the time of its release on the air.
According to CoinMarketCap, BSV is quoted at the time of writing at the spot price of $ 222.56 per unit, with a gigantic + 86.92% that has positioned it within the top ten of the market, occupying the number eight square of the global ranking with almost 4 billion of dollars of market capitalization.
If we look at the 1H chart for this cryptocurrency, the staircase at the top of the current price is surprising and looks like the typical pumping and unloading scheme that characterizes many ponzi schemes within the crypto world.
BSV has gone from trading at an average of $ 62 for May 21, 2019 to the maximum price reached today of $ 240, a profit of + 277.92% in just nine days.
The key support lies in the EMA level for 30 days, average of $ 119.61.
Aroon is bullish, although it begins to show symptoms that the correction could be next, product of the retirement of gains of many investors.
CMF, on the other hand, is slightly higher than average, which is noticeable in the inflow of capital into the BSV ecosystem that has generated its price stampede.
In relation to the medium-long term project, BSV has begun to emulate BTC and is generating a new ascending parabola, which we project is a cyclical pattern inverse to that generated at the time of its departure in November 2018.
Its immediate resistance is at the historic maximum to be achieved soon without any problem, with an estimated profit of + 10% additional to the current price.
The strategy however, we believe would be short, since we do not yet observe a technical floor to maintain current price levels without first going through a correction that ends in the first month of the next quarter.
Parabolic Sar becomes bullish, with more and more points below the BSV price sails chart.
Their key support still resides in average EMA at 30 days, at similar levels at mid-month.
RSI for its part becomes even more bullish, with strong values close to 90, product of the immense buying pressure that resides in the BSV market.
In summary, BSV could reach maximum historical levels since its exit from the Bitcoin Cash fork and the project could even generate new highs. However, due to the controversy surrounding this project due to the trivialization of several important exchanges against it due to reprisals known as the ‘Binance effect’, it is prudent to take short and some long positions, diversifying the portfolio in this crypto.
Recently saw an increase of 35.86% in the hashrate of BSV, which is encouraged by the stampede of prices that has achieved this week, and obviously is positive for the project as it gives sustainability to have more nodes connected.
For now, in the rear, many investors expect that the project of Dr. Craig, self-proclaimed Satoshi Nakamoto, manages to maintain the current price levels.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin