Bitcoin SV Price: Ranging Movement in Progress at $83 Support Level

Updated:

Bitcoin SV Price Analysis – February 28

When the sellers’ increase their pressure, it may break down the support level of $83 in which the price may decrease to $66 and $50 levels. Should the support level of $83 prevent further price decrease, it 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. There was no significant movement in the Bitcoin SV market last week as the bulls’ momentum and the sellers’ pressure is weak. The bearish momentum pushed the price to reach the support level of $83 on January 22. The price is currently consolidating around the support level of $83 as the bears’ pressure failed and the bulls tried to increase their momentum. The price is trying to form a double bottom chart pattern.

The buyers’ and the sellers’ momentum is weak. The price is consolidating around the support level of $83. The price is trading on the two EMAs and the fast moving EMA is below the slow moving EMA. When the sellers’ increase their pressure, it may break down the support level of $83 in which the price may decrease to $66 and $50 levels. Should the support level of $83 prevent further price decrease, it may bounce up towards $105, $123 and $150 levels. The Relative Strength Index (14) is not displaying specific market direction indicating that consolidation is in progress.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on ranging movement. The coin retain its trading within the resistance level of $105 and support level of $83. There was a fake bearish breakout last week. Attempt made by the bears to break down the $83 support level failed last week. Buyers’ and sellers’ momentum remain low and consolidation continue until there is a breakout.

The price is trading over the 9 periods EMA and 21 periods EMA which indicate a ranging market in the Bitcoin SV market. 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.