Bitcoin SV Price Analysis – May 03
In case the bulls penetrate the resistance level of $364, there will be an increase in price towards the resistance level of $439 which may extend to $520 level. If the bears’ momentum interrupt the bullish momentum at $364, the price may face the support levels at $311, $439 and $520.
BSV/USD Market
Key Levels:
Resistance levels: $364, $439, $520
Support levels: $311, $233, $217
BSV/USD Long-term Trend: Bullish
Bitcoin SV is Bullish on the daily chart. The bulls defends the support level $233 last week, the price increases towards the resistance level of $311. The mentioned level was penetrated with a strong daily bullish candles and the price increase towards the resistance level of $364. There is tendency that the price will increase and test the resistance level of $364.
Bitcoin SV has penetrates the dynamic support and resistance levels upside and the price is currently trading above the 9 periods EMA and 21 periods EMA which indicate that bulls are dominating the Bitcoin SV market. In case the bulls penetrate the resistance level of $364, there will be an increase in price towards the resistance level of $439 which may extend to $520 level. If the bears’ momentum interrupt the bullish momentum at $364, the price may face the support levels at $311, $439 and $520.
BSV/USD Medium-term Trend: Bullish
Bitcoin SV is bullish on the medium-term outlook. The BSV formed a double bottom chart pattern on 4-hour chart on April 23 – 25. This bullish chart pattern triggers the bulls’ momentum and the price increases to break up the resistance level at $311. The price is currently targeting the $364 price level.
The price is increasing and it has crossed the two EMAs upside. The price is trading above the 9 periods EMA and 21 periods EMA which connotes a bullish movement. The relative strength index is displaying a bullish signal at the 70 levels which indicates further increase in price.
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