In case the bears defend the resistance level of $92 the rice will bounce and Bitcoin SV will resume its downtrend and have its target at the previous low.
Key Highlights:
- Bitcoin SV price turned at $65 price level;
- the Bulls have taken over the BSV market;
- the Bears lost the momentum.
BSV/USD Price Medium-term Trend: Bullish
Resistance levels: $92, $100, $106
Support levels: $85, $80, $73
The 21-day EMA is making an attempt to cross the 50-day EMA upside and the BSV price is trading above the 50-day EMA which indicate the bullish pressure on the BSV market is high. Bitcoin SV price is currently on the support level of $85 exposed to the resistance level of $92 where it is retesting the broken level as this is the characteristics of a trending market. The relative strength index period 14 is at 60 levels pointing down indicates sell signal which may be a pullback for the trend to continue.
Should the bulls maintain their momentum, BSV price may have its high at $100 resistance level. On the other hand, in case the bears defend the resistance level of $92, the price will bounce and Bitcoin SV will resume its downtrend and have its target at the previous low.
BSV/USD Price Short-term Trend: Bullish
Bitcoin SV price is above the 21-day EMA and 50-day EMA with several downward rejections at the two EMAs, which indicates that the bulls are in control of the BSV market. The relative strength index period 14 is below 60 levels pointing down indicates sell signal which may be temporary before an uptrend continues.
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