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.
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