Bitcoin SV Price Analysis – April 11
Further increase in the bears’ pressure will decrease the price to break down the support level of $71 which may expose the price to $50 and $30 price level. In case the support level of $71 holds, the price may increase towards the resistance level at $87, $105 and $123.
Key Levels:
Resistance levels: $87, $105, $123
Support levels: $71, $50, $30
BSV/USD Long-term Trend: Bearish
On the daily chart, Bitcoin SV is bearish. Last week, the coin was on the bullish movement in the daily chart. The resistance level at $105 holds and the bullish momentum is not enough to push the price above it. The resistance level at $105 remains strong to the bulls. On April 06, the bears increase their momentum and push down the price below the support level of $87 and it is approaching the $71 support level.
The two EMAs are bending down to follow the direction of the price. The crypto continue its trading below the 9 periods EMA and the 21 periods EMA which indicate bearish momentum. Further increase in the bears’ pressure will decrease the price to break down the support level of $71 which may expose the price to $50 and $30 price level. In case the support level of $71 holds, the price may increase towards the resistance level at $87, $105 and $123.
BSV/USD Medium-term Trend: Bearish
Bitcoin SV is on the bearish movement on the medium-term outlook. The bears eventually dominates the Bitcoin SV market. The momentum of the bears increase when the bulls’ pressure failed at $105 resistance level and the price decline to break down the support level at $87. The price is decreasing towards the support level of $73.
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 34 levels displaying a bearish signal.
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