Bitcoin SV Price Analysis – April 09
An increase in the bears’ momentum may decrease the price to break down the support level of $50 which may expose the price to $41 and $36 price level. In case the support level of $50 is defended by the bulls, the price may increase towards the resistance level at $73, $87 and $105.
Key Levels:
Resistance levels: $73, $87, $105
Support levels: $50, $41, $36
BSV/USD Long-term Trend: Bearish
Bitcoin SV is bearish on the daily chart. The price is decreasing as the sellers’ pressure increases. Last two weeks, the sellers dominated the Bitcoin SV market in the daily chart. When the price pulled back from downtrend, the resistance level of $87 was retested. The bears moved against the price increase, an inside bar daily candle was produced. Follow the scenario is the formation of bearish engulfing candle which triggered a bearish trend and the support level of $73 was penetrated last week.
The crypto continue its trading below the 9 periods EMA and the 21 periods EMA which indicate bearish momentum. The two EMAs are bending down to follow the direction of the price. An increase in the bears’ momentum may decrease the price to break down the support level of $50 which may expose the price to $41 and $36 price level. In case the support level of $50 is defended by the bulls, the price may increase towards the resistance level at $73, $87 and $105.
BSV/USD Medium-term Trend: Bearish
Bitcoin SV is on the bearish movement on the medium-term outlook. The bears continue to dominate the Bitcoin SV market. The price decline to break down the support level at $87 as the momentum of the bears increase. The price is decreasing towards the support level of $50 at the moment.
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 36 levels displaying a bearish signal.
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