Bitcoin SV Price Analysis – April 02
Further increase in the bears’ pressure will decrease the price to break down the support level of $113 which may expose the price to $73 and $41 price level. In case the support level of $133 holds, the price may increase towards the resistance level at $148, $171 and $194.
Key Levels:
Resistance levels: $87, $105, $123
Support levels: $73, $50, $41
BSV/USD Long-term Trend: Bearish
On the daily chart, Bitcoin SV is bearish. Last two weeks, the coin was on the bearish movement in the daily chart. The resistance level of $87 was retested when the price pulled back from downtrend. The bears opposed the price increase and inside bar daily candle formed. Follow the scenario is the formation of bearish engulfing candle which triggered a bearish trend. The price is currently trying to break down $73 price level.
The two EMAs are bending down to follow the direction of the price. The crypto continue its trading below the 9 periods EMA and the 21 periods EMA which indicate bearish momentum. Further increase in the bears’ pressure will decrease the price to break down the support level of $73 which may expose the price to $50 and $41 price level. In case the support level of $73 holds, the price may increase towards the resistance level at $87, $105 and $123.
BSV/USD Medium-term Trend: Bearish
Bitcoin SV is on the bearish movement on the medium-term outlook. The bears eventually dominates the Bitcoin SV market. The momentum of the bears increase and the price decline to break down the support level at $87. The price is decreasing towards the support level of $73.
The price is trading below the 9 periods EMA and 21 periods EMA which indicate that bears are in control of the market. The relative strength index period 14 is at 40 levels displaying a bearish signal.
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