Bitcoin SV Price Is Preparing for a Breakout

Bitcoin SV Price Analysis – November 01

When there is a breakout at the resistance level of $193, price may increase to test $233 and $266. On the other hand, a breakdown of $148 level may decrease the price to $112 and $73 levels.

Key Levels:

Resistance levels: $193, $233, $266

Support levels: $148, $112, $73

BSV/USD Long-term Trend: Ranging

On the daily chart, Bitcoin SV is ranging. The coin is yet to breakout of the ranging movement as the bulls’ and the bears’ momentum seems to be equal. Bitcoin SV has been within this range for more than two weeks. Last week, there was no significant movement in the BSVUSD market. The bears was trying to dominate market on October 27. The bulls interrupted the bears to prevent a bearish breakout.

Bitcoin SV is trading below the two dynamic support levels; it is trading below the 9 periods EMA and the 21 periods EMA on the daily chart, also the fast moving EMA is partially separated from the slow moving EMA as an indication of increase volatility. When there is a breakout at the resistance level of $193, price may increase to test $233 and $266. On the other hand, a breakdown of $148 level may decrease the price to $112 and $73 levels.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging movement on the 4 hour chart. The Crypto is range-bound within the resistance level of $193 and the support level of $148 for more than two weeks. The bears exerted more pressure last week with the hope to the traders that there will be a bearish breakout but bulls opposed the bears’ movement. Price consolidation continues until there is a breakout.

The two EMAs are interlocked to each other and the price is hovering over the 9 periods EMA and 21 periods EMA as a sign of consolidating market. The relative strength index period 14 is at 50 levels displaying no specific signal direction.

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