Bitcoin SV Soars 15% But Sellers Barricade $330 – What To Expect?

Published February 18, 2020 | Updated February 18, 2020

Bitcoin SV

Bitcoin SV Soars 15% But Sellers Barricade $330 – What To Expect?

  • Bitcoin SV stalls at $330 following an incredible recovery from $250.
  • The bulls remain focused on breaking the resistance at $350.

Bitcoin SV has been the best performing cryptocurrency in the market over the last 24 hours. With a more than 15% growth in value, BSV has literally dwarfed Bitcoin’s 0.33% rise. The surge was part of a recovery movement from the lows recorded on Monday at $250.

Looking back at the performance in the last seven days, BSV has touched highs around $384. On the downside, the crypto has confirmed the presence of bulls at $250, a region that has kept BSV afloat despite the calls by the bears to see the price return to levels at the beginning of the year ($100).

BSV/USD daily chart

BSV/USD price chart
BSV/USD price chart by Tradingview

Meanwhile, BSV/USD is exchanging hands at $310 and attempting to pull above the 61.8% Fib retracement level, taken between the last swing high at 458.449 to a swing low at $79.93. The buyers are also working hard to keep the price above $310. Otherwise, there is a high risk that the support at $300 might not hold, opening the Pandora box to retest the support at $250.

Moreover, BSV is trading within the confines of a symmetrical triangle pattern. A break under the tringle support coupled with the high volume could be catastrophic for BSV. Therefore, to be on the safe side, it is vital that the bulls hold the price around $310 and focus on pushing past the next hurdle at $350.

Bitcoin SV Key Levels

Spot rate: $308.10

Percentage change: 15% growth in 24 hours

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Relative change: -3.970

Momentum: Bearish

Support: $300 and $350

Resistance: $350 and $384

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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John Isige 1045 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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