Bitcoin SV Price Is Gathering Momentum for Trending Market

 Bitcoin SV Price Analysis – August 11

The breakdown of the support level of $217 will open the way for the sellers to push down the price to $179 and $153 price level. Inability to breakdown the level by the sellers will give room for the buyers to increase the price to $259, $311and $364 resistance levels.

BSV/USD Market

Key Levels:

Resistance levels: $259, $311, $364

Support levels: $217, $179, $153

BSV/USD Long-term Trend: Bullish

The bulls maintain their momentum in the BSV market though the increase is low. In other words, there is low volatility in the BSV market and that is why the difference between the open price and the close price for yesterday’s market is 0.81%. The price remains within the ascending channel ranging around $217 price level.

The coin remains bullish until the lower trend line of the channel is broken downside below the demand level of $217. Yesterdays’ Bitcoin SV market closed with a daily Doji candle, which means indecision in the market. The breakdown of the support level of $217 will open the way for the sellers to push down the price to $179 and $153 price level. Inability to breakdown the level by the sellers will give room for the buyers to increase the price to $259, $311and $364 resistance levels. BSV is trading within the two dynamic support and resistance while the signal line of the Relative strength indicator is parallel to 50 levels which indicate that consolidation is in progress in the Bitcoin SV market. 

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging mode on the medium-term outlook. The price action on the 4-hour chart shows that there is a low momentum in the side of both the buyers and the sellers and that leads to price consolidation around $217 level. The coin is hovering around 9 periods and 21 periods EMA. Breakout is imminent either to the south or to the north side.

Sell stop order can be placed at $211.822, Take profit at $183.306, Stop loss at $235.231.