Bitcoin SV Price: Would There Be a Bullish Breakout at $186 Level?

8 November 2021 | Updated: 8 November 2021

Bitcoin SV Price Analysis – November 08

Further increase in the bulls’ pressure may lead to the breakup of the $186 resistance level, which may extend to $233 and $266. In case the resistance level of $186 holds, price may break down $148 level and may decrease further to $112 and $73 levels.

Key Levels:

Resistance levels: $186, $233, $266

Support levels: $148, $112, $73

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The bulls’ pressure has pushed the coin to test the resistance level at $186 on October 07. The resistance level withstand the pressure of the bulls and the coin pulled back to retest the support level of $140 on October 27. Last week, the bulls gained more momentum to push up the coin and it is currently heading towards the resistance level of $186.

BSVUSD daily chart, November 08

Bitcoin SV is breaking above the two dynamic resistance levels; it is trading above the 9 periods EMA and the 21 periods EMA on the daily chart, also the fast moving EMA is crossing the slow moving EMA as an indication of an increase in the bullish momentum. Further increase in the bulls’ pressure may lead to the breakup of the $186 resistance level, which may extend to $233 and $266. In case the resistance level of $186 holds, price may break down $148 level and may decrease further to $112 and $73 levels.

BSV/USD Medium-term Trend: Bullish

Bitcoin SV is on the bullish movement on the 4 hour chart. Bulls lose momentum when it tested the resistance level of $186 on October 10. It could not break up the just mentioned level. The Crypto commences ranging movement. The bears prevailed and the price retested the support level of $148 on October 27. At the moment, the price is increasing towards the resistance level of $186.

BSVUSD 4-hour chart, November 08

The price is trading over the 9 periods EMA and 21 periods EMA and the former is trying to cross the later as a sign of bullish market. The relative strength index period 14 is at 60 levels displaying bullish 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.