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Bitcoin SV Price Analysis – May 31
When the bulls increase their pressure, the resistance level of $171 may be penetrated and there may be an increase to $198 and $217 price level. Should the support level of $152 hold, ranging movement may continue, however, the support level below the current price are found at $152, $134,and$115.
Key Levels:
Resistance levels: $171, $198, $217
Support levels: $152, $134, $115
BSV/USD Long-term Trend: Ranging
Bitcoin SV is ranging on the daily chart. The bearish trend that commenced on May 12 with the formation of strong bearish engulfing candle has placed the coin at the low of $152 support level. The mentioned level holds and the bears’ pressure could not penetrate the level downside. The bulls’ momentum is weak and further price increase is interrupted.
The price retain its trading below the 9 periods EMA and the 21 periods EMA as a sign of bearish momentum. When the bulls increase their pressure, the resistance level of $171 may be penetrated and there may be an increase to $198 and $217 price level. Should the support level of $152 hold, ranging movement may continue, however, the support level below the current price are found at $152, $134,and$115.
BSV/USD Medium-term Trend: Ranging
Bitcoin SV is on the ranging movement on the medium-term outlook. When the price decreased to the support level of $152, the bears lose the momentum and further price decrease was halted. The price could not continue a bullish trend because of low bullish pressure. The price commenced consolidation movement on May 25 and it may continue until there is a breakout.
The price is trading over and around the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress. The relative strength period 14 is displaying a bullish signal above 40 levels. You can purchase crypto coins here: Buy coins
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