BSV Price Analysis – March 02
BSV/USD is expected to move above $262 resistance level and any attempt by the sellers to cancel the price increase, the development of the uptrend could result in a downward trend.
Resistance levels: $262, $315, $343
Support levels: $210, $147, $126
BSV/USD is trading at $262 as the price moves within the channel and below the 21-day and above 21-day moving averages, following the downward movement. For the time being, the market price is moving away from the lower limit of the channel and the trading volume has been issuing some buy signals as the stochastic RSI remains within the oversold zone.
Moreover, BSV/USD is expected to move above $262 resistance level and any attempt by the sellers to cancel the price increase, the development of the uptrend could result in a downward trend. The purpose of this movement is for the buyers to gather enough momentum to be able to push the price to the crucial resistance levels at $262, $315 and $343. On the downside, the price could reach the critical support at $210, $147 and $126 levels.
When compared with Bitcoin, the daily chart reveals that the bulls have started showing some commitment to BSV trading because of the recent fall of BTC. However, following the recent positive signs, the trend may continue to go up if the buyers continue to pump more pressure into the market.
Moreover, as the stochastic RSI moves out of the oversold zone, if the buyers can break the resistance of 0.029 BTC, the market price may likely continue an upward movement, pushing further may take it to the resistance level of 0.033 BTC and 0.036 BTC but a bearish continuation could lower the price to 0.020 BTC and 0.018 BTC support levels.
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