Bitcoin SV Price Forms Triple Bottom Chart Pattern; potential Bullish Reversal Level

Bitcoin SV Price Forms Triple Bottom Chart Pattern; potential Bullish Reversal Level

Bitcoin SV Price Analysis – March 01

The coin may bounce up from the support level of $171 provided the mentioned level holds and the price may increase towards the resistance levels of $185, $198, and $217. In case, the bears were able to penetrate the $171 downside, the support level of $152 and $134 may be tested.

BSV/USD Market
Key Levels:

Resistance levels: $185, $198, $217
Support levels: $171, $152, $134

BSV/USD Long-term Trend: Bearish

On the daily chart, BSV is bearish. The coin was under the bears’ pressure for more than two weeks; this led the price to decrease to the low of $171 after it breaks down the $198 and $185 price levels. The price tested the support level of $171 on February 23, it pulled back and retested the level on February 26. The support level holds the price, pulled back, and retested the level third time on 28 February.

BSV daily chart, March 01

It seems the bearish momentum is getting weak. The price is trading below the 9 periods EMA and 21 periods EMA at a distance which indicates bearish momentum. The coin may bounce up from the support level of $171 provided the mentioned level holds and the price may increase towards the resistance levels of $185, $198, and $217. In case, the bears were able to penetrate the $171 downside, the support level of $152 and $134 may be tested. The relative strength index period 14 is not displaying a specific direction, parallel at 40 levels indicates consolidation is in progress.

BSV/USD Medium-term Trend: Bearish

BSVUSD is bearish in the 4-hour chart. The price is under the bears’ control and the price decline to the bottom at the $171 support level. The price has touched the $171 support level three times leading to a triple bottom chart pattern. There is the probability that the price may reverse at the $171 support level.

BSV 4-hour chart, March 01

The price retains its trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator is parallel at 40 levels to indicate a ranging BSV market.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.