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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 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

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News