Bitcoin SV Price: Ranging Movement Is Ongoing

Updated:

Bitcoin SV Price Analysis – June 27

When there is an increase in the bulls’ pressure, the resistance level of $71 may be broken up side and the resistance levels of $87 and $105 may be tested. In case the resistance level of $71 hold the price, then, the price may decrease towards the support levels at $58, $47 and $35.

Key Levels:

Resistance levels: $71, $87, $105

Support levels: $58, $47 $35

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The bears’ momentum became weak when the Crypto found support at $47 on May 12 and the price ranged within $47 and $58 levels before a bullish breakout on June 19. The bulls gathered enough momentum to break up the resistance level of $58. The price increases towards the resistance level of $71 but unable to reach the mark before bears opposed the movement.

The crypto is trading above the 9 periods EMA and the 21 periods EMA at close contact but the two EMAs are bending up to follow the direction of the price, which indicate bullish momentum. There is a consolidation movement at the moment in the Bitcoin SV market. When there is an increase in the bulls’ pressure, the resistance level of $71 may be broken up side and the resistance levels of $87 and $105 may be tested. In case the resistance level of $71 hold the price, then, the price may decrease towards the support levels at $58, $47 and $35.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging movement on the medium-term outlook. The bears’ momentum pushed the price to test the low of $47. The bears’ pressure is not enough to penetrate the just mentioned level. It commenced a ranging movement within the levels of $71 and $59. Bears may prevail over bulls and the price may break down the $58 level.

The price is trading over and around the 9 periods EMA and 21 periods EMA which indicate that consolidation movement is progress.

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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.