- Bitcoin SV, as paired with the US dollar, has been experiencing notable upswings.
- BSV/USD may soon trade in a range mode around the $360 resistance and $300 support levels in the near period.
- The crypto market may succumb to a falling pressure while the 50-day SMA breaks southwards.
Major resistance levels: $400, $440, $480
Major support levels: $240, $200, $160
Bitcoin SV (BSV) Price Analysis
There have been notable upswings in the trading activities of Bitcoin SV as paired with the US dollar a couple of days back. Before February 5, the crypto-pair was trading in a range formation around $280 value. Just yesterday, the pair briefly pushed past a high resistance value at a $360 horizontal line.
The BSV/USD market may soon trade in a ranging format around the $360 resistance and $300 support levels in the near period. The pair in its shorting moves, may for a while, use the $300 point as a testing zone in the presumed range price operations.
Bitcoin SV Technical Indicators Reading
Before February 8, the two SMA trading indicators were moving in a closed mode around $280 mark to depict flat trading sessions of the BSV/USD market worth. The 50-day SMA is below the 14-day SMA as price trades around the latter. The 50-day SMA trend-line indicates strong support at its current point of the market before the major support level at $240 mark.
The Stochastic Oscillators have crossed from the overbought region after making a slight attempt into it. They have now closed the hairs to suggest an ongoing consolidation movement in the market.
The BSV/USD market bulls will have to muster up more strength from a support level around $300 point to be able to push northward to affirm the present price upswing. A downward price movement not be ruled out completely, especially when the bears' force keeps the market value under pressure below the 50-day SMA trend-line for a long time.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.