Bitcoin SV (BSV) Technical Analysis: New Bull Run Underway, Looking to Break Back above Supporting Kumo

Bitcoin SV, one of the hard-forked projects to emerge out of the recent Bitcoin Cash split, is currently the best performing coin among the top ten cryptocurrencies by market capital following a recent surge of new bullish support. Right now, BSV is the only altcoin to break back into the green ahead of BTC after another bearish day, securing a gain of 1.66%.

In the news this week, nChain, the core development team behind Bitcoin SV, announced its latest blockchain project in the pipeline, Metanet. According to nChain’s Chief Scientist and self-proclaimed Founder of Bitcoin, Craig Wright, Metanet will be a “secure alternative to the Internet, built on the blockchain”, where compressed data is sent around the network as a Bitcoin microtransaction so that people can profit from the value of data as opposed to relying on ads and other online revenue streams.

At this moment, BSV is on track to recover back on to the 2hr supporting Kumo on the Ichimoku indicator as bullish momentum continues to drive the asset upward. If bulls can achieve this, it will be a very promising signal for BSV going into the rest of this week.

On the 2hr BSV/BTC chart, we can se…

This article appeared first on Cryptovest

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