Bitcoin SV Price Reduces to $50 Level, Bullish Reversal Envisaged

Updated:

Bitcoin SV Price Analysis – May 16

An increase in the sellers’ momentum may breakdown the support level at $50 level and may reduce the price to $45 and $40 price level. Failure to break down the $50 price level may result to price reversal and price increase towards the resistance levels of $73, $87 and $105.

Key Levels:

Resistance levels: $73, $87, $105

Support levels: $50, $45, $40

BSV/USD Long-term Trend: Bearish

On the daily chart, Bitcoin SV is bearish. The Bitcoin SV produced a chart pattern called bearish engulfing on the daily chart at the resistance level of $105. The crypto follows the direction of the bearish chart pattern. A massive daily bearish candle was produced which engulfs the previous candles. The support level of $73 was tested and broke down. It is currently testing the support level of $50.

 Bitcoin SV is trading below 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. An increase in the sellers’ momentum may breakdown the support level at $50 level and may reduce the price to $45 and $40 price level. Failure to break down the $50 price level may result to price reversal and price increase towards the resistance levels of $73, $87 and $105.  However, the Relative Strength Index (period 14) is below 30 levels with the signal line pointing down to indicate sell signal.

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is bearish on the 4 hour chart. The Crypto broke out of consolidation movement that took place at $87 price level last week. When the resistance level of $105 was tested the price repelled and move down to the support level of $50. At the moment, the price is trading with the bearish pressure at $50 support level.

The two EMAs are separated from each other and the price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 44 levels displaying bearish signal.

You can purchase Lucky Block here: Buy LBlock

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.