Bitcoin SV Price: What Will Happen in Case Sellers Fail at $198 Level? 

Bitcoin SV Price Analysis – August 20

An increase in the bears’ pressure to penetrate the $198 price level downside will expose the coin to $179, which may extend to $153 demand level. In case the demand level of $198 holds, the coin will be facing the resistance levels at $198, $179, and $153.

BSV/USD Market

Key Levels:

Resistance levels: $217, $259, $311

Support levels: $198, $179, $153

BSV/USD Long-term Trend: Bearish

Bitcoin SV was under the control of the bulls three days ago. The bullish momentum failed when the bears interrupted the move with the formation of a bearish engulfing candle before it reaches the mark at $259. Following the scenario was another big daily bearish candle that breaks the barrier at $217 downside. The coin is aiming at $179 price level. In other words on the long-term outlook, Bitcoin SV is bearish. 

An increase in the bears’ pressure to penetrate the $198 price level downside will expose the coin to $179, which may extend to $153 demand level. In case the demand level of $198 holds, the coin will be facing the resistance levels at $198, $179, and $153. The price has already crossed the two EMAs downside, that is, trading is ongoing below the 9 periods EMA and 21 periods EMA. Further decrease in price is envisaged as the daily bearish candle opens the market. Besides, the Relative Strength Index is bending down at 40 levels indicates the sell signal. 

BSV/USD Medium-term Trend: Bearish

Bitcoin SV price action is completing the formation of a chart pattern called short “M”. This is a bearish momentum chart pattern that means, the coin may decline further. The price is currently declining towards the demand level at $198 and it is trading below the 9 periods EMA and 21 periods EMA which connotes strong bearish momentum. 

The relative strength index period 14 is found below 50 levels bending towards the south indicates a sell signal. The coin may breakdown the $198 level and targets the $179 price level.