Bitcoin SV Price Penetrates Support Level at $153, Further Decrease to $153 Is Possible

Bitcoin SV Price Penetrates Support Level at $153, Further Decrease to $153 Is Possible

Bitcoin SV Price Analysis – September 03

The Bearish trend may continue as long as sellers’ pressure is maintained or increase and the demand level of $153 will be the target, below it is a major support level at $134 and $130 price level.

BSV/USD Market
Key Levels:

Resistance levels: $185, $198, $217
Support levels: $153, $134, $130

BSV/USD Long-term Trend: Bearish

The bears are increasing their momentum and the coin is decreasing according to their pressure, in other words, BSV is bearish in the daily chart. On September 01, the bulls’ momentum increased and the price broke up the resistance level at $198, the following day, the sellers opposed the price increase with the formation of a bearish engulfing candle that penetrates former support level at $185 and the candle closes below it.

BCV Daily chart, September 03

Today, a big daily bearish candle opens the BSV market and the price is declining accordingly. The price is facing the support level of $153 at the moment. The Relative Strength Index period 14 is displaying a strong bearish signal below 50 levels. The Bearish trend may continue as long as sellers’ pressure is maintained or increase and the demand level of $153 will be the target, below it are major support levels at $134 and $130 price level. At the upper side of the market, resistance levels are found at $185, $198, and $217.

BSV/USD Medium-term Trend: Bearish

BSVUSD was bullish three days ago in the 4- hour chart. Today the sellers are already in control of the market. The bullish trend was interrupted at the level above $198. The bearish engulfing candle formed and the price obeyed the command of the sellers. The former demand level of $185 could not hold the price and it breaks it down. The price is declining towards $153.

BSV 4-hour chart, September 03

The price is already trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator is pointing downside at 25 levels to indicate a sell signal. The price at $153 may be the target of the coin.

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