Bitcoin SV Price: Bears Are Prevailing

Updated:

Bitcoin SV Price Analysis – March 07

In case the sellers increase their pressure, it may break down the support level of $83 in which the price may decrease to $66 and $50 levels. Should the bulls defend support level of $66, price may bounce up towards the resistance level of $105

Key Levels:

Resistance levels: $83, $105, $123

Support levels: $66, $50, $25

BSV/USD Long-term Trend: Bearish

Bitcoin SV is bearish on the daily chart. Last week, the bulls’ pressure and the bears’ pressure was weak and the price was consolidating around $83 support level. Sellers gained more momentum and the support level of $83 was broken downside. The price is declining towards the support level of $66. At the moment, sellers are prevailing on the Bitcoin SV market and the support level of $66 may be reached.

Daily 2
The sellers’ momentum is getting stronger. The price is trading below the support level of $83. The price is trading below the two EMAs and the fast moving EMA is below the slow moving EMA. In case the sellers increase their pressure, it may break down the support level of $83 in which the price may decrease to $66 and $50 levels. Should the bulls defend support level of $66, price may bounce up towards the resistance level of $105. The Relative Strength Index (14) is at 34 levels bending down to indicate sell signal.

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is on the bearish movement. The coin was on the ranging movement last week on the 4-hour chart. The bears are gaining more pressure and the price is declining towards the support level of $66. In case bears exert more pressure, the price may go down below the just mentioned level.

4hour
The price is trading below the 9 periods EMA and 21 periods EMA which indicate a bearish market in the Bitcoin SV market. The relative strength index period 14 is displaying bearish directional signal at 32 levels.

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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.