Bitcoin SV Price Analysis – August 04
In case the coin can experience an increasing volume coupled with a bullish pressure, BSV/USD may start to correct gain significantly on the upside.
BSV/USD Market
Key Levels:
Resistance levels: $259, $311, $364
Support levels: $217, $179, $153
BSV/USD Long-term Trend: Bullish
BSV/USD found support at $153 level on June 27. It consolidated briefly at the same level before it bullishly breakup the $179 price level. Price retracement was carried out. On July 21, the bulls gathered enough momentum and pushed up the price to test the resistance level of $259. The resistance level was defended by the bears and the price pulled back to retest the broken level of $217.
The price at the moment suggests a growth momentum in the coming days. Currently, Bitcoin SV is trading in between $217 and $259 price levels as the coin moves above the 9-day moving average.
However, in case the coin can experience an increasing volume coupled with a bullish pressure, BSV/USD may start to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. Meanwhile, the next level of resistance lies at $259, $311, and $364.
In the opposite direction, Bitcoin SV price may roll back to $217, $179, and $153 support levels in case the bears dominate the market. The RSI (14) indicator is making a bullish turn which may lead to an increase in price.
BSV/USD Medium-term Trend: bullish
Bitcoin SV is on the bullish trend in the medium-term outlook. The coin has formed an ascending channel in which the coin is trading upward. The coin tested the resistance level of $259 yesterday but unable to penetrate the level because of the confluence at the mark. It dropped sharply to test the support level of $179. The buyers are trying to gather momentum and put the coin back on bullish momentum.
Buy order trade setup (instant execution) can be placed at $231.380, Take profit at $257.088, Stop loss at $213.707.
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