Bitcoin SV Price; Will There Be a Further Price Decrease Below $185 Support Level?

Bitcoin SV Price; Will There Be a Further Price Decrease Below $185 Support Level?

 Bitcoin SV Price Analysis – March 16

A further increase in price is envisaged provided the bulls gain more momentum, the price will increase towards the previous high at $217 – $259 provided $198 do not hold. The breakdown of the support level of $185 will decrease the price towards $171 and $152.

BSV/USD Market
Key Levels:

Resistance levels: $198, $217, $259

Support levels: $185, $171, $152

BSV/USD Long-term Trend: Bullish

BSV/USD market is Bullish on the daily chart. The crypto was on the ranging mode last week. The sellers had not enough momentum to break down the support level of $171. Likewise, the bulls’ pressure was not enough to break up the resistance level of $185. On March 13, the bulls gained more pressure to push the coin towards north with the formation of strong bullish daily candle that penetrates $198 price level and it found resistance at $217 level.  The just mentioned price level holds and the price fell to the support level of $185. The coin is currently ranging within $198 and $185 level.

BSVUSD daily chart, March 16

Bitcoin SV is trading at the moment within $185 and $198 price level. It 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. A further increase in price is envisaged provided the bulls gain more momentum, the price will increase towards the previous high at $217 – $259 provided $198 do not hold. The breakdown of the support level of $185 will decrease the price towards $171 and $152.

BSV/USD Medium-term Trend: Bearish

On the medium-term outlook, Bitcoin SV is bearish. The coin soared towards the resistance level of $217 and experience a partial breakout. The bulls had no momentum to sustain the breakout, bears gain more pressure and push down the coin below $198 level where it is consolidating at the moment.

BSVUSD 4 hour chart, March 16

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

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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.