Bitcoin SV (BSV) breaks out, Holds on Retest


Key Resistance Levels: $140, $160, $180
Key Support Levels: $80, $60, $40

BSV/USD Long-term Trend: Bullish
Bitcoin SV has been in a bullish trend since January 3. The bulls have successfully broken the $120 and $140 price levels. The coin is approaching the $160 and $180 resistance level. Regrettably, in October the bulls were resisted and the price fell to the low at $80. In January, a second attempt is being made to break the initial resistance. BSV is likely to rally above $180 if the first resistance is conquered. Conversely, if the bulls are resisted at $160, the selling pressure may resume.

BSV/USD - Daily Chart

Daily Chart Indicators Reading:
The moving averages are at the edge of a bullish crossover. The 21-day SMA is crossing above the 50-day SMA indicating a bullish trend. The Relative Strength Index period 14 level 81 indicates that the price has reached the overbought area of the market. Sellers are likely to come in to resume selling.

BSV/USD Medium-term bias: Bullish
On the 4- hour chart, BSV is making a series of higher highs and higher lows. Prior to this time, the market has been trading below $110 price level. In November, the bulls made three unsuccessful attempts to break $110. In January, the resistance level was broken as a price rally above $140.

BSV/USD -Daily Chart

4-hour Chart Indicators Reading
Bitcoin SV is trading at the overbought region of the daily stochastic. The stochastic bands are above 80% range indicating that the coin is in bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Bitcoin SV (BSV)
Bitcoin SV is in a bullish trend. The coin has risen above $140 but is approaching $180 resistance. The bulls have to sustain the bullish momentum above the $140 and $160 resistances so that a repeat of October selling pressure will not happen.

BSV Trade Signal
Instrument: BSVUSD
Order: Buy Limit
Entry price: $120
Stop: $80
Target: $180

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.