Bitcoin SV Price Analysis – August 17
In case the bears were able to push the price and close below the support level at $217, then, the support level at $179 and $153 will be the target. Inability to close below the mentioned support level may allow the buyers to push the coin towards $259, $311 and $364 resistance levels.
BSV/USD Market
Key Levels:
Resistance levels: $259, $311, $364
Support levels: $217, $179, $153
BSV/USD Long-term Trend: Bullish
On the long-term outlook, Bitcoin SV is bullish. The coin broke out of the ascending channel formed last week. The support level of $217 was penetrated with the seller’s aim to continue selling the coin. At the support level of $197, the bearish movement was rejected and the price is increasing towards the resistance at $259 for a second-time retest.
The price is currently sat on the support level at $217 with a daily bearish candle which indicates that the bears open today’s market. Moreover, the Relative Strength Index is bending down at 50 levels connotes further decrease in the BSV price. In case the bears were able to push the price and close below the support level at $217, then, the support level at $179 and $153 will be the target. Inability to close below the mentioned support level may allow the buyers to push the coin towards $259, $311 and $364 resistance levels.
BSV/USD Medium-term Trend: Bearish
The sellers have not got enough momentum to push the coin down far beyond the demand level at $198. Bitcoin SV pulled back to retest the broken level at $217 price level. The price is currently consolidating at $217 price level and it is trading in between the 9 periods EMA and 21 periods EMA as a sign of consolidation.
However, the relative strength index period 14 is pointing upside at 50 levels indicates a buy signal. The coin may breakdown the $217 level and targets the $198 price level.
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