Bitcoin SV Price May Test $59 Level and Fall

Updated:

Bitcoin SV Price Analysis – July 18

Should the bulls’ pressure break up the resistance level of $59, $65 level may be broken upside and the resistance level of $71 may be tested. When the resistance level of $59 is defended by the bears, then, support levels of $41 and $35 may be tested.

Key Levels:

Resistance levels: $59, $65, $71

Support levels: $47, $41, $35

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The low level at $41 support level was reached on June 13. The bulls opposed the bears’ movement with the formation of strong bullish engulfing candle. The bullish movement of the crypto broke up the resistance level of $59 and tested $65 resistance level. The price bounced off the mentioned level and retested $47 level. Today, bulls are dominating the market and price may increase before it falls.

The crypto is trading above the 9 periods EMA and the 21 periods EMA at close contact but the two EMAs are bending to follow the direction of the price, which indicate bullish momentum. The price is heading towards $59 level. Should the bulls’ pressure break up the resistance level of $59, $65 level may be broken upside and the resistance level of $71 may be tested. When the resistance level of $59 is defended by the bears, then, support levels of $41 and $35 may be tested.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging movement on the medium-term outlook. The buyers’ momentum could not continue when the price was pushed to break up the resistance level of $65 last two weeks. The bears’ pressure increased and the price was pushed to the support level of $47. The price increase again and heading towards the previous resistance level of $59.

The price is trading above the 9 periods EMA and 21 periods EMA which indicate that bullish movement is in progress.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.