Bitcoin SV Price May Reverse at Support Level of $153

Estimated Reading Time: 3 minutes

Article Rating:

Based on 1 vote

Azeez Mustapha

Updated: 13 October 2022

Bitcoin SV Price Analysis – September 21

The closing of a daily bearish candle below the support level at $153 may push the coin down to the support levels at $134 and $130. Should the support level of $153 holds the price, then, it will bounce and reverse to face the resistance levels at $171, $185, and $198.

BSV/USD Market

Key Levels:

Resistance levels: $171, $185, $198
Support levels: $153, $134, $130

BSV/USD Long-term Trend: Bearish

The Crypto was consolidating below the dynamic resistance levels for almost a week after the Bitcoin SV breaks down the $171 price level. On September 20, the bears gained more momentum and the price decreased yesterday with -4.8%. This is noticed on the daily chart with the formation of a daily strong bearish candle that penetrates the support level at $153 level. The daily bearish candle closes above the support level at $171.

Today, the BSV market opens with a bullish candle, which indicates the tendency for the crypto to reverse at the $153 support level. Nevertheless, the price still remains below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The closing of a daily bearish candle below the support level at $153 may push the coin down to the support levels at $134 and $130. Should the support level of $153 holds the price, then, it will bounce and reverse to face the resistance levels at $171, $185, and $198.

BSV/USD Medium-term Trend: Bearish

BSVUSD is bearish in the 4-hour chart. The coin is testing the support level of $152 the second time. The first attempt was on September 03; the price decline and found support at $152 level. It may bounce and experience a bullish reversal movement in case the bears defend the $152 level.

BSV is trading below the 9 periods EMA and 21 periods EMA in which the two EMAs are well separated from each other which indicates an increase in the bears’ pressure. The relative strength index period 14 is rising from the oversold region suggest an increase in the price of BSVUSD.