Bitcoin SV Price: Bulls Are Exerting Pressure to Breakout at $194 Level?

Updated:

Bitcoin SV Price Analysis – November 11

An increase in the bulls’ pressure to break up the $194 resistance level may increase the price to the resistance level of $233 and $266. In case the resistance level of $194 is defended by the bears, price may break down $148 level and decrease further to $112 and $73 levels.

Key Levels:

Resistance levels: $194, $233, $266

Support levels: $148, $112, $73

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The resistance level of $194 has been tested in the Bitcoin SV market with the aid of the bulls’ pressure. This is the second time the level is being tested; the first time was on September 06, it pulled back to retest the support level of $148. The second time was November 09, it pulled back. At the moment the bulls are returning in to the market.

BSVUSD Daily chart, November 15

Bitcoin SV has broken above the two dynamic resistance levels; it is trading above the 9 periods EMA and the 21 periods EMA on the daily chart, also the fast moving EMA is crossing the slow moving EMA as an indication of an increase in the bullish momentum. An increase in the bulls’ pressure to breakup the $194 resistance level may increase the price to the resistance level of $233 and $266. In case the resistance level of $194 is defended by the bears, price may break down $148 level and decrease further to $112 and $73 levels.

BSV/USD Medium-term Trend: Bullish

Bitcoin SV is on the bullish movement on the 4 hour chart. The Bulls’ momentum became weak immediately it tested the resistance level of $194 on November 09. It could not break up the just mentioned level. The Crypto pulled back below the dynamic support level. Today, it seems the bulls are trying to dominate the BSV market.

BSVUSD 4-hour chart, November 15

The price is trading above the 9 periods EMA and 21 periods EMA and the former is crossing the later as a sign of bullish market. The relative strength index period 14 is at 60 levels displaying bullish signal.

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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.