Bitcoin SV Price Awaiting a Breakout

Bitcoin SV Price Awaiting a Breakout

Bitcoin SV Price Analysis – March 08

The breakup of the resistance level of $185 will increase the price towards $198 and $217. In case the sellers prevail, the breakout will take place at $171 and the price will reduce to $152 and $134.

BSV/USD Market

Key Levels:

Resistance levels: $185, $198, $217

Support levels: $171, $152, $134

BSV/USD Long-term Trend: Ranging

BSV/USD market is ranging. The sellers are yet to gain enough momentum break down the support level of $171. Likewise, the bulls’ pressure is not enough to break up the resistance level of $185. The coin fell to the support level of $171 where the bears lose their momentum and could not break down the support level of $171. It is seen on the daily chart that the coin is range-bound within the resistance level of $185 and the support level of $171.

BSVUSD Daily chart, March 08

Bitcoin SV may continue its ranging movement until there is a breakout at $185 or $171 price level. It is trading in below the 9 periods EMA and 21 periods EMA at close range which indicates that the bears are holding the market though at ranging movement. A breakout is expected in the BSV market. The breakup of the resistance level of $185 will increase the price towards $198 and $217. In case the sellers prevail, the breakout will take place at $171 and the price will reduce to $152 and $134.

BSV/USD Medium-term Trend: Ranging

On the medium-term outlook, Bitcoin SV is in the ranging mode. The resistance level at $185 stands as a barrier to the buyers. The support level at $171 is preventing further price decrease. That is why there was no significant movement within the market. Increase in the Bulls’ momentum may trigger a breakout at $185. BSV market awaiting a breakout.

BSVUSD 4-hour chart, March 08

The two EMAs remains interlocked to each other and the price is trading over and around the EMAs which confirms that consolidation is in progress. The relative strength index is displaying a bearish signal at the 40 levels which indicates that sellers may prevail.

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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.