Bitcoin SV Price: Buyers Exert Pressure to Break Up $58 Level Targeting $71

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Bitcoin SV Price Analysis – June 20

An increase in the bulls’ pressure will break up the resistance level of $71 in which the resistance levels of $87 and $105 may be tested. In case the resistance level of $71 is defended by the bears, the price may decrease towards the support levels at $58, $47 and $35.

Key Levels:

Resistance levels: $71, $87, $105

Support levels: $58, $47 $35

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The Crypto found support at $47 on May 12. The bears’ momentum became weak and the price commenced a ranging movement within $47 and $58 levels last week. Yesterday, bulls gather enough momentum to break up the resistance level of $58. The price is currently increasing towards the resistance level of $71.

The crypto is trading above the 9 periods EMA and the 21 periods EMA as the two EMAs are bending up to follow the direction of the price, which indicate bullish momentum. An increase in the bulls’ pressure will break up the resistance level of $71 in which the resistance levels of $87 and $105 may be tested. In case the resistance level of $71 is defended by the bears, the price may decrease towards the support levels at $58, $47 and $35.

BSV/USD Medium-term Trend: Bullish

Bitcoin SV is on the bullish movement on the medium-term outlook. The bearish movement pushed the price to test the low of $47. The bears found the level unable to penetrate. It resumed a ranging movement within the levels of $47 and $58. Bulls prevailed over bears and the price breaks up the $58 level and the price is increasing towards the $71 level at the moment.

The price is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is high. The relative strength index period 14 is at 74 levels displaying a 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.