Bitcoin SV Price May Continue an Upward Movement After a Brief Pullback

Bitcoin SV Price Analysis – February 17

When the resistance level of $259 holds, the price may change the direction towards the following support levels; $217, $179, and $153.

BSV/USD Market

Key Levels:

Resistance levels: $259, $311, $364

Support levels: $217, $179, $153

BSV/USD Long-term Trend: Bullish

The market of BSV/USD opened at $238.63 and closed at $236.85 yesterday; that means there was a decrease or loss of -0.75%. In other words, the bears maintain their position in the Bitcoin SV market. The price is moving gradually towards the support level of $217 with the formation of daily bearish candles. A further increase in the trading percentage is possible in case the dynamic support level prevents further decrease.

Today’s Bitcoin SV market opens with another daily bullish candle above the 9 periods EMA and 21 periods EMA indicates that it may experience an increased volume and more bullish pressure. BSV/USD is targeting the resistance level of $259 in which it may be penetrated in case the bulls increase their momentum. Another significant resistance level ahead can be found at $311 and $364. When the resistance level of $259 holds, the price may change the direction towards the following support levels; $217, $179, and $153. The Relative Strength Index period 14 indicator is making a more bullish movement which connotes an increase in price.

BSV/USD Medium-term Trend: bullish

On the medium-term outlook, Bitcoin SV is on the bullish trend. The crypto slowly increasing within a symmetrical triangle formed in the 4-hour chart. The coin is fluctuating above 9 periods EMA and 21 periods but at low volatility. This may continue until there is a radical fundamental occurrence in the crypto market that breaks out from triangle.

The relative strength index is displaying a bullish signal above the 50 levels which indicate that there could be a bullish breakout from the triangle formed.