BSV Price Analysis – April 16
The Bitcoin SV has managed to show overall growth as the coin trades above the moving averages.
Resistance levels: $250, $260, $270
Support levels: $120, $110, $100
Looking at the daily chart, BSV/USD is trading with upward momentum at the moment and traders are happy with it. They look at the chart and expect a bigger hit in the market soon. It seems that the coin is about to fulfill its desire. More so, as the RSI (14) moves above 52-level, if BSV coin continued to move with a similar momentum then, it wouldn’t be difficult to reach a higher level.
However, the daily chart reveals that BSV/USD is testing the 9-day MA at $193. If the market can break away this time and move above the channel, the price of BSV is likely to hit $250, $260, and $270 resistances. However, if the channel’s upper boundary continues to bolster as an active defensive line for the bears, a massive sell-off may flood the market to $120, $110 and $100 supports.
Against Bitcoin, the Bitcoin SV market has been moving for a while in a very different way. At the moment, both the bulls and the bears are trying to decide who will control the market while trading within the moving averages at the lower part of the descending channel as the RSI (14) moves in the same direction below the 55-level, suggesting a sideways movement.
However, if the bears succeed in bringing down the price, traders would expect the market to fall to the support level of 0.024 BTC and beyond. Meanwhile, a rebound could push the price above the 9-day MA and move towards the resistance levels of 0.030 BTC and above respectively.
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