Bitcoin SV Price Retests $113 Support Level, What Next?

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Bitcoin SV Price Analysis – December 20

Should the support level of $133 holds, the price may reverse towards the resistance level at $148, $171 and $194. An increase in the bears’ pressure will decrease the price to break down the support level of $113 which may expose the price to $73 and $41 price level.

Key Levels:

Resistance levels: $148, $171, $194

Support levels: $113, $73, $41

BSV/USD Long-term Trend: Bearish

On the daily chart, Bitcoin SV is bearish. The bears resumed in to the market after the strong bullish price retracement that took place on December 06 at $113 support level to $171 resistance level. Last two weeks, the bearish engulfing candle formed indicates that bears are dominating the Bitcoin SV market. The price decrease towards the support level of $113.

Bitcoin SV, Daily chart, December 20

The crypto retain its trading below the 9 periods EMA and the 21 periods EMA which indicate a bearish momentum. The two EMAs are bending down to follow the direction of the price. Should the support level of $133 holds, the price may reverse towards the resistance level at $148, $171 and $194. An increase in the bears’ pressure will decrease the price to break down the support level of $113 which may expose the price to $73 and $41 price level.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging movement on the medium-term outlook. The bears opposed the bulls at $171 resistance level on December 07. The price decline and tests the support level of $113. The price is currently consolidating within the resistance level of $148 and $113 support level.

Bitcoin SV 4 hour chart, December 20

The price is trading around the 9 periods EMA and 21 periods EMA which indicate that bears’ and bulls’ momentum is equal. The relative strength index period 14 is at 40 levels displaying a bearish signal.

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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.