Bitcoin SV Price: Can Bulls Break Up Resistance Level at $198?

Bitcoin SV Price: Can Bulls Break Up Resistance Level at $198?

Bitcoin SV Price Analysis – July 12

A further upward movement may take the price to $233. A bearish breakout is expected at the support level of $171 which will expose the coin to the support level of $152 and $134. The Relative Strength Index (14) is moving towards the north region, indicating an increase in price.

Key Levels:

Resistance levels: $198, $217, $233

Support levels: $171, $152, $134

BSV/USD Long-term Trend: Ranging

Bitcoin SV is consolidating below the resistance level of $116, started a bearish trend on 19 May; this is clearly noticed when the long daily bearish candle penetrated many support levels such as $217, $198. More bearish candles continue to emerged and the price declined towards the two EMAs. The cryptocurrency broke below the $134 level but currently ranging within $152 and $134 levels.

Bitcoin SV Daily chart, July 12

The daily chart has shown that sellers’ and buyers’ momentum is weak. The price action has formed several dojis on a straight line within the two EMAs on the daily chart. Currently, the key resistance level to watch out for lies at $198 and $217. A further upward movement may take the price to $233. A bearish breakout is expected at the support level of $171 which will expose the coin to the support level of $152 and $134. The Relative Strength Index (14) is moving towards the north region, indicating an increase in price.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV’s performance has been very low on the 4 hour chart, this may be due to a persistence low pressure from the sellers and buyers of Bitcoin SV. In other words, the price actions remain in a consolidation zone for many days ago. The market’s volatility is low and this may continue unless there is a breakout to the north or South.

Bitcoin SV 4 hour chart, July 12

The price is trading over and around the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress. The relative strength period 14 is displaying non directional signal at 50 levels. You can purchase crypto coins here: Buy coins

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.