Bitcoin SV Price Awaiting a Breakout

31 May 2021 | Updated: 31 May 2021

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.

BSVUSD daily chart, may 31

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.

BSVUSD 4hour chart, May 31

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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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.