Bitcoin SV Price May Decline to $198 Level

Bitcoin SV Price May Decline to $198 Level

Bitcoin SV Price Analysis – May 17

An increase in the bears’ pressure may push down the price to penetrate the $233 level, there will be a price decrease in price towards the support level of $217 which may extend to $198 level. In case the bears’ momentum is interrupted by the bulls at $233, the price may face the resistance levels at $311, $364 and $439.

BSV/USD Market

Key Levels:

Resistance levels: $311, $364, $439

Support levels: $233, $217, $198

BSV/USD Long-term Trend: Bearish

Bitcoin SV is Bearish on the daily chart. The bulls were controlling the Bicoin SV market last week. On May 12, the bears took over the market, this is established with the formation of big bearish candle that engulfs the previous daily bullish candle. The price decreases and the support level of $233 was tested. Further price decrease envisaged as it opens the market today with a bearish candle.

Bitcoin SV Daily chart, May 16

The 9 periods EMA is trying to cross the 21 periods EMA downside while Bitcoin SV is trading below the two EMAs as a sign of bearish movement. An increase in the bears’ pressure may push down the price to penetrate the $233 level, there will be a price decrease in price towards the support level of $217 which may extend to $198 level. In case the bears’ momentum is interrupted by the bulls at $233, the price may face the resistance levels at $311, $364 and $439.

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is bearish on the medium-term outlook. The bearish momentum increases in the BSV market yesterday. The price was initially ranging within the $381 and $311 price level for more than two Days. The bears gained more pressure and a big bearish candle formed that breaks down the support level of $311 and tested the support level of $266.

Bitcoin Sv 4-hour chart, May 17

The price is decreasing and it 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 30 levels which indicates further decrease in price.

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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.