Bitcoin SV Price Analysis – February 07
In case the bulls break up $100 level, the key resistance level to watch out for is $114 and a further increase may take the price to $132. A bearish breakout at the support level of $82 may push the price to the support level of $73 and $47.
Key Levels:
Resistance levels: $100, $114, $132
Support levels: $82, $73, $47
BSV/USD Long-term Trend: Bearish
Bitcoin SV is bearish on the daily chart. The crypto remains on the bearish movement till February 06. The bears pushed the coin to test the support level of $82 on 22 January, it is carrying out a ranging movement around the mentioned level. The just mentioned level holds and the price is getting ready to reverse under the control of the bulls. The bulls are gaining momentum with the formation of bullish engulfing candle. The price is currently trying to break up the $100 resistance level.
The price is trading above the 9 periods EMA and 21 periods EMA on the daily chart. The price action is producing more bullish candles at the moment. On the daily chart, in case the bulls break up $100 level, the key resistance level to watch out for is $114 and a further increase may take the price to $132. A bearish breakout at the support level of $82 may push the price to the support level of $73 and $47. The Relative Strength Index (14) is at 50 levels with the signal line pointing up to indicate buy signal.
BSV/USD Medium-term Trend: Bullish
Bitcoin SV is bullish on the 4 hour chart. The coin found support at $82 last week after the sellers prevailed on the crypto. The just mentioned level holds, the bears lose pressure at the support level of $73. The price is bouncing and increasing preparing to break up the resistance level of $100.
The price is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ pressure is increasing. The relative strength period 14 is above 70 levels displaying strong bullish direction signal. You can purchase crypto coins here: Buy coins
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