Bitcoin SV Price Analysis – August 27
The coin is facing the support level at $185, in case the bears maintain or increase their momentum, the price may decrease to $179, further increase in the bears’ pressure may push down the price to $134 price level.
BSV/USD Market
Key Levels:
Resistance levels: $198, $217, $237
Support levels: $185, $179, $134
BSV/USD Long-term Trend: Bearish
The sellers maintain their stand in the BSV market. In other words, Bitcoin SV is bearish in the long-term outlook. The price retraced to test the broken level of dynamic resistance on August 24. Immediately after the scenario, the bears took over the market with the formation of a strong bearish candle that penetrates the former demand level of $198. This makes the price to decline towards the demand level at $185.
Today, the bears open the market with bearish momentum.
The price has crossed the 9 periods EMA and 21 periods EMA downside and continue to trades below the two EMAs. The coin is facing the support level at $185, in case the bears maintain or increase their momentum, the price may decrease to $179, further increase in the bears’ pressure may push down the price to $134 price level. Failure to break down the $185 price level by the sellers, may lead to price reversal and it will be confronted by the resistance levels at $198, $217, and $237.
BSV/USD Medium-term Trend: Bearish
Three days ago, the coin was increasing towards the resistance level at $217. The bears interrupted the price increase with the formation of a bearish engulfing candle. Bearish momentum increases and the price crossed below the barrier at $198 demand level. The price is currently consolidating around $185 level.
The Relative Strength Indicator is below 50 levels pointing downside to indicate a sell signal. The price may penetrate the $185 price level to target $179 price level.
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