How's Bitcoin Satoshi’s Vision (BSV) Drama Impacting Its Price Action?

Video Length: 00:03:38

There’s been more drama in the Bitcoin Cash Fork. Bitcoin Satoshi Vision (BSV-X) has been fighting its way up while the “other” Bitcoins fight right back. So what’s been going on in what feels like a crypto reality TV show? Here’s a fundamental and technical overview.

There’s been more drama from the Bitcoin Cash Split, after a weekend which saw cryptocurrencies tumbling across the board—except for one. Bitcoin Satoshi’s Vision, which forked from Bitcoin Cash last month, was the only green point in a sea of red, and at several points beat Bitcoin Cash (BCH-X) to become the fifth-most-valuable crypto by market cap.

There’s no way to be certain, but there’s widespread speculation that SV’s backers may be inflating the price. Calvin Ayre, one of the billionaire backers of the SV protocol, recently tweeted that he was converting “all assets” for BSV, gold and real estate. “ In other news, the battle of the Bitcoins may make its way into the courtroom.

Last week, United American Corp launched a lawsuit against Roger Ver, Jihan Wu, Bitmain and other leading figures behind Bitcoin ABC. The suit alleges that Bitcoin ABC unfairly cheated during last month’s fork by using rented mining power to “hijack" the Bitcoin Cash blockchain, and seeks injunctions against ABC proponents and unspecified damages. Although there’s no proven link between UnitedCorp and BSV, Calvin Ayre has tweeted in favor of the lawsuit.

So what about BSV’s price action? Since there still isn’t enough historical data for the crypto, I’m turning to the 4-hour chart for technical analysis. Doing so, I was surprised to see that despite all the fundamental drama, BSV has actually found a comfortable price range to consolidate within when traded versus the USD.

After the crazy roller coaster ride when it first started trading in November, it now appears to be ranging between two key Fibonacci retracement levels of $112 and $85. The Ichimoku cloud indicator also appears flat, although the future cloud is a bit more on the bullish side. This was, of course, BSV’s value versus the USD. How about its value versus Bitcoin, the original, though? That’s quite a different story.

1 2
View single page >> |

Disclaimer: Don’t forget to complete your risk management due-diligence before developing your investment strategy.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.