Bitcoin SV Price Is Targeting Previous Low at $47 Level

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Bitcoin SV Price Analysis – July 11

Should the bears’ pressure increase, 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. The movement of the crypto was within the resistance level of $59 and support level of $47 last week. That means there was no significant movement in the Bitcoin SV market. Yesterday, sellers dominated the market with the formation of strong daily bearish candle. The crypto is heading towards $47 support level. The bearish momentum may continue in the daily chart.

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. No consolidation movement at the moment in the Bitcoin SV market. Should the bears’ pressure increase, 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 could not continue when the price was pushed to break up the resistance level of $59 last two weeks. The bears’ pressure is increasing and the price is targeting the support level of $47. The price is 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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.