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.

BSV daily Market, February 17

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.

BSV 4-hour chart, February 17

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.

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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.