Bitcoin SV Price Is Ranging at Potential Reversal Zone

Bitcoin SV Price Is Ranging at Potential Reversal Zone

Bitcoin SV Price Analysis – June 28

When sellers exert more pressure the support level of $101 may be penetrated and the price may decrease further to $73 and $41 levels. An increase in the bulls’ pressure will increase the price to break up the resistance level of $134 which may increase the price to $152 and $185 price level.

Key Levels:

Resistance levels: $134, $152, $185

Support levels: $101, $73, $41

BSV/USD Long-term Trend: Bearish

Bitcoin SV is bearish on the daily chart. The movement of Bitcoin SV has been within the resistance level of $185 and support level of $152 for the past three weeks. On June 21, the bears gather more pressure to break down the support level of $152 and the price tested $101 price level. At the moment, the price has been experiencing low volatility and low momentum from both buyers and the sellers.

BSVUSD daily chart, June 28

The two EMAs are separated and the crypto continue its trading below the 9 periods EMA and the 21 periods EMA which indicate that the bears are holding the Bitcoin SV market. When sellers exert more pressure the support level of $101 may be penetrated and the price may decrease further to $73 and $41 levels. An increase in the bulls’ pressure will increase the price to break up the resistance level of $134 which may increase the price to $152 and $185 price level.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging movement on the medium-term outlook. The bears push the coin to test the support level at $101. The sellers’ momentum fail and could not break down the support level of $101. Likewise the buyers’ pressure is low and could not break up the resistance level of $134. The price commence ranging movement within the levels.

BSVUSD 4 hour chat, June 28

The price is hovering over the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress in the Bitcoin SV market.

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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.