Bitcoin SV Price May Commence Ranging Movement in Case $198 and $185 Level Hold

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Bitcoin SV Price Analysis – August 31

The coin may commence ranging movement in case the resistance level at $198 and support level at $185 hold. Major resistance level above $198 level can be found at $217 and $237 price level. At the lower side of the market, major support levels can be found at $185, $179, and $134.

BSV/USD Market

Key Levels:

Resistance levels: $198, $217, $237
Support levels: $185, $179, $134

BSV/USD Long-term Trend: Bearish

On the daily chart, Bitcoin SV is bearish. There is little or not much difference in the price of BSV, although the sellers still hold the market. The bearish pressure pushed the price down to the support level at $185 on August 27 with the hope from the traders that the price may fall below the level. It is a surprise to see the demand level at $185 holding the price and the bulls pushed up the price to retest the resistance level at $198.

The price is trying to pull back from the $198 level. Also, it is trading below the 9 periods EMA and 21 periods EMA, which indicates that the bears still hold the market. The coin may commence ranging movement in case the resistance level at $198 and support level at $185 hold. Major resistance level above $198 level can be found at $217 and $237 price level. At the lower side of the market, major support levels can be found at $185, $179, and $134.

BSV/USD Medium-term Trend: Bullish

BSVUSD is bullish in the 4- hour chart. It was on a bearish movement a few days ago and the coin found support at $185 level. The bulls defend the just mentioned support level and push the price to penetrate the two EMAs upside, also tried to break up the resistance level at $198 but the bears reject the move. The price is consolidating at the $198 price zone.

The Relative Strength Indicator is pointing downside at 50 levels to indicate a sell signal. The price may break up $198 level to expose the price to $217 level.