Bitcoin SV Price May Break Down $82 Level as Bears’ Pressure Increase

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Bitcoin SV Price Analysis – January 31

A bearish breakout at the support level of $82 may push the price to the support level of $73 and $47. In case the bulls break up $100 level, the key resistance level to watch out for is $114 and a further increase may take the price to $132.

Key Levels:

Resistance levels: $100, $114, $132

Support levels: $82, $73, $47

BSV/USD Long-term Trend: Bearish

Bitcoin SV is bearish on the daily chart. Sellers hold unto the Bitcoin SV market and this has been in progress for more than three weeks. The price was pushed to the support level of $114 on 06 December, it carried out retracement to $148 price level. The just mentioned level holds and the price declined towards the support level of $82. The bears’ pressure could not break down the mentioned level. The price commenced a ranging movement.

The price is trading below the 9 periods EMA and 21 periods EMA on the daily chart. The price action is producing more bearish candles at the moment. A bearish breakout at the support level of $82 may push the price to the support level of $73 and $47. In case the bulls break up $100 level, the key resistance level to watch out for is $114 and a further increase may take the price to $132. The Relative Strength Index (14) is at 20 levels with the signal line pointing down to indicate sell signal.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is ranging on the 4 hour chart. The support level of $82 was tested last week when sellers were in control of the Bitcoin SV market. The bears are losing pressure at the support level of $73. The bulls’ momentum is equally weak and the price is consolidating within $100 and $82 levels.

The price is trading around the 9 periods EMA and 21 periods EMA which indicate that bulls’ and bears’ pressure is equal. The relative strength period 14 is at 40 levels displaying bullish direction signal.

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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.