Bitcoin SV Price: Dynamic Resistance Level Prevents Price Increase, Bearish Movement May Continue

Bitcoin SV Price: Dynamic Resistance Level Prevents Price Increase, Bearish Movement May Continue

Bitcoin SV Price Analysis – September 10

More pressure from the bears will push the price down to the previous low at $153 and in case it does not hold, the price may reduce to $134 and $130 price level. Should the bulls prevent the price reaching the $153 level, bullish momentum may continue and it will face barriers at $185, $198, and $217 resistance levels.

BSV/USD Market
Key Levels:

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

BSV/USD Long-term Trend: Bearish

BSV is bearish in the long-term outlook. The coin reached the support level at $153 on September 03 and the bearish pressure was not enough to break down the significant level of $153. The bulls defended the level and the price pulled back towards the two dynamic resistance levels (9 periods and 21 periods EMA). The bulls’ pressure is weak to penetrate the dynamic resistance level. The price may turn back and continue the bearish movement to retest the previous low at $153.

BSV Daily chart, September 10

BSV price had a fake break up at 9- periods EMA on September 08 but could not maintain the momentum, the crypto is trading below the 9 periods EMA and 21 periods EMA as an indication that the bears are holding to the market. More pressure from the bears will push the price down to the previous low at $153 and in case it does not hold, the price may reduce to $134 and $130 price level. Should the bulls prevent the price reaching the $153 level, bullish momentum may continue and it will face barriers at $185, $198, and $217 resistance levels.

BSV/USD Medium-term Trend: Bearish

BSVUSD is bearish in the 4-hour chart. The bullish momentum that triggered at the support level of $153 could not push up the price to the nearest resistance level before it is exhausted. The price consolidates at $168 level yesterday. Today, it seems the bears are having the upper hand in the market. The price may fall to the support level at $153.

BSV 4-hour chart, September 10

The 9 periods EMA is trying to cross the 21 periods EMA while the price is already below the two EMAs trying to establish the bearish movement. The relative strength index is bending down at 50 levels indicating a sell signal.

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