Bitcoin SV Price May Experience Bullish Reverse at $198 Price Level

Bitcoin SV Price May Experience Bullish Reverse at $198 Price Level

Bitcoin SV Price Analysis – March 22

An increase in the bulls’ pressure will push up the price to break up the resistance level of $217 which may leads to an increase towards the $233 and $259 price level. In case the bulls could not break up $217 price level, then, bears may take over the market and support levels of $198, $185 and $171 may be the bears’ target.

BSV/USD Market
Key Levels:

Resistance levels: $217, $233, $259

Support levels: $198, $185, $171

BSV/USD Long-term Trend: Bullish

On the daily chart BSV/USD market is Bullish. The bulls prevailed after the ranging movement that took place last week. The buyers gained momentum the following day and the price increase towards the $217 resistance level after broken up the $198 price level. The sellers reacted negatively to the price increase and it retraced to $198 level where it is currently consolidating. Further price increase is possible in case the $185 level hold.

BSVUSD daily chart, March 22

The crypto is trading on the 9 periods EMA and 21 periods EMA while the two EMAs are closed together which indicate low volatility in the BSV market. An increase in the bulls’ pressure will push up the price to break up the resistance level of $217 which may leads to an increase towards the $233 and $259 price level. In case the bulls could not break up $217 price level, then, bears may take over the market and support levels of $198, $185 and $171 may be the bears’ target.

BSV/USD Medium-term Trend: Bearish

On the medium-term outlook, Bitcoin SV is bearish. The coin reached the high of $233 last week. A bearish engulfing candle emerged and the price decline towards the support level at $198. It has retested the mentioned level severally. At moment, the price is consolidating at $198 price level.

BSVUSD 4-hour chart, march 22

The two EMAs are close to each other and the price is trading below the two EMAs which connotes a bearish movement. The relative strength index is displaying a bullish signal above the 40 levels which indicates that buyers are gathering momentum.

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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.