Bitcoin SV (BSV) Recovers from Recent Downtrend, Resumes up Trending


Key Resistance Levels: $280, $300, $320
Key Support Levels: $200, $180, $160

BSV/USD Long-term Trend: Bullish
On the daily chart, BSV is in an uptrend. The crypto reached the high of $280 and was repelled. The market dropped to $210 and resumed upward. On February 9 uptrend, a retraced candle body tested the the78.6% Fibonacci retracement level. The retracement indicates that BSV is likely to rise to level 1.272 Fibonacci extension and reverse. The price action has already confirmed the reversal.

BSV/USD – Daily Chart

Daily Chart Indicators Reading:
BSV is above the 80% range of the daily stochastic indicating that the coin is in the overbought region of the market. Sellers have already emerged to push prices down. The moving averages have a bullish crossover as the 21-day SMA crosses over the 50-day SMA.

BSV/USD Medium-term bias: Bullish
Bitcoin SV is in a downward correction after the coin plunged to the low of $210. After the recent fall, the bulls buy the dip to push the cryptocurrency upward. On February 13, BSV reached a high $269 in an uptrend. However, the bulls could not sustain the recent uptrend. Besides, the price reached the overbought region of the market. Consequently, the coin dropped to $210 and pulled back. The market is expected to move up because the long candlestick tail indicate that there is strong buying pressure at the lower price level.

BSV/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The crypto is at level 53 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50.

General Outlook for Bitcoin SV (BSV)
Bitcoin SV is recovering from the earlier downtrend. Possibly, the coin will retest the $260 resistance level.

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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.