BSV Price Analysis – March 14
The bearish momentum is increasing rapidly towards the support level of $83; this may be due to the fall in oil price.
Resistance levels: $208, $290, $300
Support levels: $83, $75, $68
The Sellers have been controlling the BSV price for many days. The sellers hijacked the BSV market from the Bulls on 13 February after weak bullish momentum displayed at the resistance level of $300. The bearish momentum is increasing rapidly towards the support level of $83; this may be due to the fall in oil price. The price has broken out of the downward channel at the lower trend line; this indicates that there could be a further reduction in price.
The daily price still maintains its trading below the 9-day and 21-day moving averages. Price can only reach the resistance levels of $208, $290 and $300 provided the buyers push up the price above the moving averages 9-day and 21 days. Nevertheless, the support levels to watch are $83, $75 and $68 respectively. The long-term outlook still remains bearish for the BSV/USD pair as the MACD is at the negative side and the signal lines pointing down which connotes further decrease in price.
Against BTC, the BSV market follows the same bearish direction with full momentum. There was a slight pullback on March 01; this last for three days before it resumed its bearish momentum. BSV is trading below the moving averages within the descending channel which implies that the sellers are fully in charge of the BSV/BTC market. The RSI is moving above the 20-level.
In case the bears succeed in breaking down the price at the lower trend line, the price is expected to fall to support level at 0.018 BTC and 0.015 BTC. However, a rebound could push the price to the resistance levels of 0.026 BTC and 0.030 BTC respectively.
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