Bitcoin SV Price: Bears Are Exerting More Pressure, Previous Low At $73 May Be Tested

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Bitcoin SV Price Analysis – April 18

The breakdown of the previous low at $73 support level by the bears may reduce the price to $50 and $43 price level. Inability to break down the $73 price level may result to further increase in price towards the resistance levels of $84, $105 and $123.

Key Levels:

Resistance levels: $84, $105, $123

Support levels: $73, $50, $43

BSV/USD Long-term Trend: Bearish

On the daily chart, Bitcoin SV is bearish. The crypto has being under the control of the bears since December 08. The price tested the resistance level of $105, the bulls lose momentum and that is why the candle pattern called bearish engulfing formed. Followed the scenario is the formation of the strong daily bearish candle that penetrated the dynamic support level and tested the support level of $73 on March 13. The bears lose momentum and the price pulled back to retest $105 level. Currently, the price is trading below $84 level.

The fast moving EMA is below the slow moving EMA as a bearish movement. Bitcoin SV is trading below the 9 periods EMA and 21 periods EMA on the daily chart with low volatility as a sign of ranging movement. The breakdown of the previous low at $73 support level by the bears may reduce the price to $50 and $43 price level. Inability to break down the $73 price level may result to further increase in price towards the resistance levels of $84, $105 and $123.  However, the Relative Strength Index (period 14) is at 41 levels with the signal line pointing down to indicate sell signal.

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is on the bearish movement on the 4 hour chart. The Crypto continues a bearish movement after last week event; the resistance level of $105 was tested by the Bitcoin SV and bounces off the level. The bears pushes the price down to the support level of $84. The bears’ momentum is gradually increasing in the Bitcoin SV market.

The two EMAs are separating from each other and the price is below the 9 periods EMA and 21 periods EMA. The relative strength period 14 is at 36 levels displaying bearish signal.

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