Bitcoin SV Price May Break Up Resistance Level at $198

Bitcoin SV Price May Break Up Resistance Level at $198

Bitcoin SV Price Analysis – June 07

The bulls will have to increase their pressure in order to break up the resistance level of $198 which will expose the price to $217 and $233 price level. Should the resistance level of $198 hold, ranging movement may continue.

Key Levels:

Resistance levels: $198, $217, $233

Support levels: $171, $152, $134

BSV/USD Long-term Trend: Ranging

On the daily chart, Bitcoin SV is ranging. The support level at $171 holds and the bearish momentum is not enough to push the price below it. In the same way, the resistance level at $198 remains strong to the bulls. This scenario make it impossible for the bulls to break up the level. The ranging movement continues within the $198 and $171 price level.

BSVUSD Daily chart, June 07

The price retain its trading between the 9 periods EMA and the 21 periods EMA and the two EMAs are parallel to the level which indicate that consolidation is in progress. The bulls will have to increase their pressure in order to break up the resistance level of $198 which will expose the price to $217 and $233 price level. Should the resistance level of $198 hold, ranging movement may continue, however, the support level below the current price are found at $171, $152, and $134.

BSV/USD Medium-term Trend: Ranging

Bitcoin SV is on the ranging movement on the medium-term outlook. The low momentum from the bulls prevents the breakup of the resistance level of $198 coupled with low pressure from the bears led to the continuation of ranging movement on 4 hour chart. This movement may continue until the breakout to the north or south.

BSVUSD 4hour chart, June 07

The price is trading over and around the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress. The relative strength period 14 is displaying a bearish signal at 50 levels. You can purchase crypto coins here: Buy coins

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.