Bitcoin SV Price Tests $198 Support Level, a Potential Bullish Reversal Zone

Bitcon SV Price Analysis – August 25

In case the $217 level does not hold the price, it will increase further to test $237 and $259. Should the $217 price level holds, the bearish trend may continue, and support levels to look after are; $198, $185, and $179.

BSV/USD Market

Key Levels:

Resistance levels: $217, $237, $259
Support levels: $198, $185, $179

BSV/USD Long-term Trend: Bearish

In the Long-term, Bitcoin SV is bearish. The bears took over the market on August 18 at $217 price level when the bulls’ momentum was exhausted. Sellers exerted pressure on the coin and the price fall. The barrier at $217 and $198 level was penetrated, the price eventually bottomed at $185 support level. A double hammer daily candle pattern formed at $185 level indicates a bullish reversal. Strong bullish candle emerges on August 24 and the price increases towards the resistance at $217.

 

The coin is currently carrying out a price retest towards the broken level at $198. After the retest, the price may likely increase to the resistance level at $217. In case the $217 level does not hold the price, it will increase further to test $237 and $259. Should the $217 price level holds, the bearish trend may continue, and support levels to look after are; $198, $185, and $179. The price is trading below the 9 periods EMA and 21 periods EMA coupled with the RSI indicator bending towards south indicate sell which may be a pullback.

BSV/USD Medium-term Trend: Bullish

Bitcoin SV is bullish in short- term outlook. The bearish pressure break down the $198 price level and $185 level is tested. The price bounces and breaks up $198 level, facing the resistance level at $217. Price retest is ongoing towards $198 support level.

 

The price is already crossed above the 9 periods EMA and 21 periods EMA and the relative strength index period 14 is at 50 levels pointing towards north indicates a buy signal. BSV is targeting $217 resistance level.