Bitcoin SV Price Retests Dynamic Support Level, Bullish Trend May Continue

Azeez Mustapha
9 August 2021 | Updated: 9 August 2021

 

BSVUSD carries out retracement

Bitcoin SV Price Analysis – August 09

A bearish opposition at $148 level may reduce the price to the support level of $101 and the price may be reduced to the support level of $73 and $41. When bullish momentum increases, it will push up the price to break up $148 level, the key resistance level at $185 may be tested and a further increase may increase the price to $217.

Key Levels:

Resistance levels: $148, $185, $217

Support levels: $101, $73, $41

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The double bottom chart pattern formed at the support level of $101 is indicating that bulls are preparing to dominate the market. The price increases last week towards the $148 level. It was penetrated and started increasing towards the $185 price level.  The bears interrupts the price increase and the price is carrying out retracement towards the dynamic support level now.

BSVUSD Daily chart, August 09

The price is trading above the 9 periods EMA and 21 periods EMA on the daily chart. The price may continue to increase towards north. A bearish opposition at $148 level may reduce the price to the support level of $101 and the price may be reduced to the support level of $73 and $41. When bullish momentum increases, it will push up the price to break up $148 level, the key resistance level at $185 may be tested and a further increase may increase the price to $217. The Relative Strength Index (14) is around 60 levels with the signal line pointing up to indicate buy signal.

BSV/USD Medium-term Trend: Bullish

Bitcoin SV is bullish on the 4 hour chart. The coin increases steadily on the daily chart because buyers dominate Bitcoin SV market last week after the bears lose pressure at the support level of $101. It experienced a partial breakout at $148 level and pull back. It may continue on the bullish trend today.

BSVUSD 4 hour chart, August 09

The price is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ pressure is increasing. The relative strength period 14 is above 50 levels displaying bullish direction signal. You can purchase crypto coins here: Buy coins

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Azeez Mustapha

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.