Bitcoin SV Price Reverses at $153 Support Level, Aiming at $198 Level

Bitcoin SV Price Analysis – September 08

The ability to break up the two dynamic resistance levels will place the price at $185; a further increase in bulls’ pressure will place the price at the next resistance levels at $198 and $217.

BSV/USD Market

Key Levels:

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

BSV/USD Long-term Trend: Bearish

Last week’s target was reached as it can be seen on the daily chart. A complete short “M” shape is formed and the price reached the support level at $153. The bears’ strength seems to be weakened at the $153 level because BSV price is changing direction. The bulls are increasing their momentum gradually towards the resistance level of $185. At the moment, the price is testing the dynamic resistance levels. In other words, the price is carrying out retracement.

BSV market is opening today with a bearish candle which indicates that the bears may dominate the market today. The price is trading below the 9 periods EMA while 21 periods EMA is above the two. The ability to break up the two dynamic resistance levels will place the price at $185; a further increase in bulls’ pressure will place the price at the next resistance levels at $198 and $217. The inability to break up the resistance level of $185 may reverse the price towards the south to face the support levels at $153, $134, and $130. However, the relative strength index period 14 is at 40 levels with the signal line bending down to indicate the sell signal.

BSV/USD Medium-term Trend: Bullish

BSVUSD is bullish in the 4-hour chart. The bearish momentum BSV market experienced last week bottomed the price at the support level $153. The mentioned support level holds and the price and could not decrease further. Then, it reverses with the formation of bullish candles; the price crosses the two EMAs upside moving towards $185 level.

At the moment, the price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator is pointing downside to indicate a sell signal which may be a pullback. The price may increase to $198 price level.