Bitcoin SV Price May Bounce Up at $83 Level

Updated:

Bitcoin SV Price Analysis – February 21

An increase in the sellers’ pressure may break down the support level of $83 in which the price may decrease to $66 and $50 levels. In case the support level of $83 holds, price may bounce up towards $105, $123 and $150 levels.

Key Levels:

Resistance levels: $105, $123, $150

Support levels: $83, $66, $50

BSV/USD Long-term Trend: Bearish

Bitcoin SV is on the ranging movement. The bearish momentum pushed the price to reach the support level of $83 on January 22. The bears’ pressure failed and the bulls tried to increase their momentum. It increases and tested the resistance level of $105. The just mentioned level holds and the price decreased again to retest the previous low at $83. It seems the price action want to form a double bottom chart pattern.

The daily chart has shown that buyers’ momentum is weak. The price retesting the support level of $83. The price is trading below the two EMAs and the fast moving EMA is below the slow moving EMA. An increase in the sellers’ pressure may break down the support level of $83 in which the price may decrease to $66 and $50 levels. In case the support level of $83 holds, price may bounce up towards $105, $123 and $150 levels. The Relative Strength Index (14) is pointing towards the north region, indicating a price increase.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is range-bound within the resistance level of $105 and support level of $83. Attempt made by the bulls to break up the mentioned resistance level last week was not successful. The price was opposed by the bears and it changed its direction towards south. There was an increase in the bears’ pressure and the price is retesting the previous low at $83 level. At the moment, it looks like buyers are preparing to take over the market.

The price is crossing over the 9 periods EMA and 21 periods EMA which indicate an increase in the bulls’ momentum. The relative strength index period 14 is displaying bullish directional signal at 44 levels.

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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.