Bitcoin SV Price Rejects at Resistance Level of $440, Declining Towards $285

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  Bitcoin SV Price Analysis – April 19

Further increase in the bears’ momentum may push down the coin to $285 level, which may decrease the price to $259 and $233 support level. In case the bulls oppose the bears’ pressure and the price is rejected at $285, the bulls may take over the market.

BSV/USD Market

Key Levels:

Resistance levels: $311, $364, $440

Support levels:  $285, $259, $233

BSV/USD Long-term Trend: Bearish

Bitcoin SV is Bearish on the daily chart. The crypto was under the buyers’ control last week. The buyers’ pressure has push the coin to the resistance level of $488. The bulls’ momentum could not penetrate the mentioned level when the bears defends the level. Strong bearish candles emerges at the resistance level of $440, the price decline towards the support level at $285 after breaking down the $364 and $311 level.

Bitcoin SV is penetrating the dynamic support resistance levels and the price is currently trading between the 9 periods EMA and 21 periods EMA which indicate that bears’ pressure is increasing. Further increase in the bears’ momentum may push down the coin to $285 level, which may decrease the price to $259 and $233 support level. In case the bulls oppose the bears’ pressure and the price is rejected at $285, the bulls may take over the market. However, the relative strength index period 14 is at 50 level bending down to indicate sell signal.

 BSV/USD Medium-term Trend: Bearish

Bitcoin SV is bearish on the medium-term outlook. The high of $488 level was reached on April 16 with a strong bullish candle. The bears defended the mentioned level and the bullish candle turned to an inverted pin bar; this is a bearish signal. The price declines to $311 price level with a strong momentum. The support levels of $364 and $311 has been penetrated downside. The price is currently at $285 price level.

 

The two EMAs are separated from each other and the price is trading below the EMAs which connotes a strong bearish movement. The relative strength index is displaying a bearish signal at the 40 levels which indicates further reduction in price.