Bitcoin SV Price Is Targeting Support Level of $233

Bitcoin SV Price Analysis – May 10

Further increase in the bears’ pressure may lead to the penetration of $311, there will be a price decrease in price towards the support level of $233 which may extend to $217 level. If the bears’ momentum is interrupted by the bulls at $311, the price may face the resistance levels at $364, $439 and $520.

BSV/USD Market

Key Levels:

Resistance levels: $364, $439, $520

Support levels: $311, $233, $217

BSV/USD Long-term Trend: Bullish

Bitcoin SV is Bullish on the daily chart. The bulls penetrated the resistance level of $364 on May 05 with the formation of strong and big bullish candle. The price increased and tested the resistance level of $439. The price could not extend further due to opposition by the bears with the formation of bearish doji candle followed by the big and strong bearish candles. The price decline towards the support level of $311.

 

Bitcoin SV is trying to penetrate the dynamic support and resistance levels downside but the price remains above the 9 periods EMA and 21 periods EMA at close contact which indicate that bulls are still holding the Bitcoin SV market. Further increase in the bears’ pressure may lead to the penetration of $311, there will be a price decrease in price towards the support level of $233 which may extend to $217 level. If the bears’ momentum is interrupted by the bulls at $311, the price may face the resistance levels at $364, $439 and $520.

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is bearish on the medium-term outlook. The BSV reached the high of $439 on May 06. The bullish momentum became weak and the price pulled back. The price decreases and penetrate the support level of $381 downside. The price is declining towards the support level of $311.

The price is decreasing and it has crossed the two EMAs downside. The price is trading below the 9 periods EMA and 21 periods EMA which connotes a bearish movement. The relative strength index is displaying a bearish signal at the 50 levels which indicates further decrease in price.

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