Bitcoin SV Price Analysis – October 12
The breakup of the $171 price level may propel the price to the resistance level of $198 provided the $185 level does not hold. Failure to break up the $171 may lead to the continuation of price ranging movement.
Resistance levels: $171, $185, $198
Support levels: $152, $134, $130
BSV/USD Long-term Trend: Bullish
Bitcoin SV price is rejected at the significant support level. BSV has tested the support levels of $152 twice; the first touch was on September 03, the price pulled back. The bears pushed the coin down to test the same level on September 21, the bearish momentum was not enough to break down the support level of $152. This scenario makes the level to be a significant level for the traders. The price is pulling back at the moment to test the $171 resistance level.
The BSV is sluggishly crossing over the two dynamic resistance level, struggling to break up the resistance level of $171. The breakup of the $171 price level may propel the price to the resistance level of $198 provided the $185 level does not hold. Failure to break up the $171 may lead to the continuation of price ranging movement. However, traders should watch the support levels at $152, $134, and $130 in case the price breaks down the $152 level.
BSV/USD Medium-term Trend: Bullish
BSVUSD is bullish in the 4-hour chart. The coin is testing the resistance level of $171 the third time. The price action in the 4-hour chart is forming a short “W” pattern, which is a bullish chart pattern. The price may break out at the current testing resistance level and it may place the price at $198 level.
BSV is trading around the 9 periods EMA and 21 periods EMA at $171 level. The two EMAs are close to each other indicating low volatility in the market. The relative strength index period 14 is pointing up which connotes buy signal.