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

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Bitcoin SV Price Analysis – April 04

A bearish opposition at $105 level may reduce the price to the support level of $87 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 $105 level, the key resistance level at $123 may be tested and a further increase may be towards the $217 level.

Key Levels:

Resistance levels: $105, $123, $150

Support levels: $87, $73, $41

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The long “W” chart pattern formed at the support level of $71 is indicating that bulls are preparing to dominate the market. The price increases last week towards the $87 level. It was penetrated and started increasing towards the $105 price level.  The bears interrupts the price increase and the price carried out retracement towards the dynamic support level three days ago. It is currently targeting $105 level.

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 $105 level may reduce the price to the support level of $87 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 $105 level, the key resistance level at $123 may be tested and a further increase may be towards the $217 level. The Relative Strength Index (14) is around 67 levels with the signal line pointing down to indicate sell 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 $73. It experienced a partial breakout at the mentioned level and pull back. It may continue on the bullish trend today.

The price is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ pressure is increasing. The relative strength index period 14 is at 57 levels displaying bullish direction signal.

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