Bitcoin SV Price; Will Support Level of $198 Hold?

Bitcoin SV Price; Will Support Level of $198 Hold?

 Bitcoin SV Price Analysis – March 29

The key resistance level to watch out for lies at $217 and $233. A further upward movement may take the price to $259. A bearish breakout is expected at the support level of $198 which will expose the coin to the support level of $185 and $171 levels.

BSV/USD Market
Key Levels:

Resistance levels: $217, $233, $259

Support levels: $198, $185, $171

BSV/USD Long-term Trend: Ranging

Bitcoin SV is consolidating below the resistance level of $217. The coin started a bearish trend on 22 February; this is clearly noticed when the long daily bearish engulfing candle emerged. More bearish candles continue to emerge and the price declining towards the two EMAs. The cryptocurrency broke below the $185 level targeting a $171 support level. The bulls rejected further price decrease and push up the price to test the resistance level of $217. The bears defended the level and it starts a ranging movement within $217 and $185 levels.

Bitcoin SV daily chart, March 29

The daily chart has shown that both sellers and buyers are competing to dominate the market. The price action has formed a horizontal channel on the daily chart. Currently, the key resistance level to watch out for lies at $217 and $233. A further upward movement may take the price to $259. A bearish breakout is expected at the support level of $198 which will expose the coin to the support level of $185 and $171 levels. The Relative Strength Index (14) is parallel to the 50 levels showing no specific direction.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV’s performance has been very low on 4-hour chart, this may be due to a persistence pressure from the sellers of Bitcoin SV. In other words, the price actions remain in a downward trend for many weeks ago. The market is moving lower and this may continue unless the support level at $198 holds. However, the price is ranging within a horizontal channel formed.

Bitcoin SV 4-hour chart, March 29

The two EMAs remains close to each other and the price is hovering over the two EMAs which connotes a consolidation movement. The relative strength index is displaying no specific market direction.

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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.