Bitcoin SV Price May Break Up Resistance Level of $148

Bitcoin SV Price Analysis – October 04

When the bulls increase their pressure and the resistance level of $148 is broken upside, the $193 and $233 resistance levels may be tested. In case the resistance level of $148 holds, ranging movement may continue within the $148 and $101 price levels.

Key Levels:

Resistance levels: $148, $193, $233

Support levels: $101, $73, $41

BSV/USD Long-term Trend: Bearish

Bitcoin SV is bearish on the daily chart. The sellers hold unto the Bitcoin SV market after the formation of a chart pattern called evening star on the daily chart at the resistance level of $193. The price reduced to $101 last week. It pulls back to test the resistance level of $148. There is tendency for the bulls to take over the market.

Bitcoin SV is trading between the 9 periods EMA and 21 periods EMA on the daily chart while the fast moving EMA remains below the slow moving EMA as a bearish movement indication. When the bulls increase their pressure and the resistance level of $148 is broken upside, the $193 and $233 resistance levels may be tested. In case the resistance level of $148 holds, ranging movement may continue within the $148 and $101 price levels. However, the Relative Strength Index (period 14) is at 50 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. Two weeks ago, the Crypto broke out of consolidation movement at $148 price level. The sellers dominated the market and pushed the price down to the support level of $148. Last week, the price penetrated the support level of $148 downside and commences a ranging movement within $148 and $101 level.

The two EMAs are close to each other and the price is trading over and around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 60 levels displaying buy signal.

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