Bitcoin SV Price Is Retesting $147 Support Level, Bullish Movement May Be Restored

Bitcoin SV Price Analysis – September 13

When the price break down the support at $147 level, the price may reduce to $110 and $73 price level. Failure to break down the $147 price level may result to further increase in price towards the resistance levels of $193, $233 and $266.

Key Levels:

Resistance levels: $193, $233, $266

Support levels: $147, $101, $73

BSV/USD Long-term Trend: Bearish

On the daily chart, Bitcoin SV is bearish. The bulls dominated the Bitcoin SV market last two weeks. The bullish momentum increased and accordingly affected the Bitcoin SV price. The resistance level of $193 was tested on 05 September. The price action formed an evening star chart pattern which is a signal to the market that the bears are preparing to dominate the market. A daily strong bearish candle emerged and the price decline to $148 support level.

The fast moving EMA is breaking down the slow moving EMA to establish a bearish movement. Bitcoin SV is trading below the 9 periods EMA and 21 periods EMA on the daily chart as a sign of bearish trend. When the price break down the support at $147 level, the price may reduce to $110 and $73 price level. Failure to break down the $147 price level may result to further increase in price towards the resistance levels of $193, $233 and $266.  The Relative Strength Index (period 14) is at 40 levels with the signal line pointing down to indicate sell signal.

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is bearish on the 4 hour chart. The resistance level of $193 was tested by the Bitcoin SV and bounces off the level. The bears pushes the price down to the support level of $148. It experienced a partial breakout before it pulled back and started consolidation around the level.

The two EMAs were penetrated downside and the price is trading below the 9 periods EMA and 21 periods EMA. The relative strength period 14 is below 40 levels displaying bearish signal.

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