Bitcoin SV Price May Continue Bullish Movement to $259 Resistance Level   

Bitcoin SV Price May Continue Bullish Movement to $259 Resistance Level   

Bitcoin SV Price Analysis – April 05

An increase in the buyers’ pressure will further increase the price to $198 and $185 resistance levels. In case the buyers’ pressure could not break up $217 level, the price may face the support levels at $217, $198 and $185.

BSV/USD Market
Key Levels:

Resistance levels: $233, $259, $311

Support levels: $217, $198, $185

BSV/USD Long-term Trend: Bullish

On the daily chart, BSV/USD market is Bullish. On April 01, the buyers gained more pressure and pushed the crypto out of the ranging mode. The buyers aided the price increase to the resistance level of $259 after it broken up the $233 price level. The sellers reacted against the increase with the formation of long and big daily bearish candle. The support level of $217 was retested. At moment, it seems the buyers are regaining their momentum.

BSVUSD Daily chart, April 05

Bitcoin SV is trading at the moment around $233 price level. It is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are well separated which indicate volatility in the Bitcoin SV market. An increase in the buyers’ pressure will further increase the price to $198 and $185 resistance levels. In case the buyers’ pressure could not break up $217 level, the price may face the support levels at $217, $198 and $185.

BSV/USD Medium-term Trend: Bullish

Bitcoin SV is bullish on the medium-term outlook. The coin suddenly increased to test the resistance level at $259 on April 02. The bulls had no momentum to sustain the breakout, bears gain more pressure and push down the coin to retest the $217 level. The bulls defend the just mentioned level and the price resume bullish movement.

BSVUSD 4-hour chart, April 05

The two EMAs are close to each other and the price is trading above the EMAs which connotes a bullish movement. The relative strength index is displaying a bearish signal above the 40 levels which indicates sell signal which may be a pullback.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.