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Bitcoin SV Price Analysis – May 30
An increase in the bulls’ pressure will increase the price to $71 level, if it is broken up the resistance level of $87 and $105 may be reached. In case the support level of $50 is penetrated, the price may decrease towards the support level of $45 and $40.
Key Levels:
Resistance levels: $71, $87, $105
Support levels: $50, $45, $40
BSV/USD Long-term Trend: Bullish
On the daily chart, Bitcoin SV is bullish. The bears’ pressure is getting weak as the bulls are gradually taken over the market. Last week, the coin was on the ranging movement in the daily chart around $50 level. The just mentioned support level holds and the bearish momentum was enough to push the price below it. The bulls are gathering momentum greater than that of bears and the price is increasing.
The price has penetrated the two EMAs and the 9 periods EMA is bending towards the 21 periods EMA to cross it over as a sign of bullish movement. An increase in the bulls’ pressure will increase the price to $71 level, if it is broken up the resistance level of $87 and $105 may be reached. In case the support level of $50 is penetrated, the price may decrease towards the support level of $45 and $40.
BSV/USD Medium-term Trend: Bullish
Bitcoin SV is on the bullish movement on the medium-term outlook. The bears’ and the bulls’ pressure was equal last week and the price was consolidating at $50 level. It is clearly seen on the 4-hour chart that bulls are ready to push up Bitcoin SV. The price is currently breaking away from consolidation level.
The price is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 71 levels displaying a bullish signal.
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