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Bitcoin SV Price Analysis – July 04
In case there is an increase in the bears’ pressure, the support level of $47 may be broken downside and the support levels of $35 and $30 may be tested. When the resistance level of $59 is broken upside, $71 resistance level will be tested and it may extend to $87 level.
Key Levels:
Resistance levels: $59, $71, $87
Support levels: $47, $35, $30
BSV/USD Long-term Trend: Bearish
On the daily chart, Bitcoin SV is bearish. Last week, the crypto was bullish and it was heading towards $71 resistance level. The bullish momentum was not enough to place the coin at the mark. Bearish engulfing candle formed and the price decreases. Former $59 support level turns to resistance and the price is heading towards the previous low at $47.
The crypto is trading below the 9 periods EMA and the 21 periods EMA at close contact but the two EMAs are bending to follow the direction of the price, which indicate bearish momentum. There is no consolidation movement at the moment in the Bitcoin SV market. In case there is an increase in the bears’ pressure, the support level of $47 may be broken downside and the support levels of $35 and $30 may be tested. When the resistance level of $59 is broken upside, $71 resistance level will be tested and it may extend to $87 level.
BSV/USD Medium-term Trend: Bearish
Bitcoin SV is on the bearish movement on the medium-term outlook. The bulls’ momentum pushed the price to break up the resistance level of $59 last week. The bears’ pressure is not enough to penetrate the $71 resistance level. The price changed direction under the pressure of bears. The price movement is currently towards $47 level.
The price is trading below the 9 periods EMA and 21 periods EMA which indicate that bearish movement is in progress.
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