The BSV coin (previously called Bitcoin Cash SV) may have its low at the support level of $64, only if the bears increase their momentum and break the demand level of $86 downside.
By Azeez Mustapha
Updated
2 mins read
Resistance levels: $89, $101, $113
Support levels: $86, $76, $64
The cryptocurrency is ranging on its medium-term outlook. The coin is range bound between the resistance level of $101and the support level of $86. Neither the bulls nor bears have enough momentum to rally the coin to the north and to the south respectively. The two EMAs are coming closer to each other; a sign of low momentum in the Bitcoin SV market.
BSV price is hovering around the EMAs. Currently, the coin is below the 21-day EMA and 50-day EMA within the range. The coin may have its low at the support level of $64, only if the bears increase their momentum and break the demand level of $86 downside.
Likewise, the bulls will have to increase their pressure, push the coin up and break up the resistance level of $101 before it can face $113 price level. The MACD crossover period 8 is below 0.00 level (oversold region) but signal lines separated indicate further selling before the bulls take over.
BSV/USD is bearish on the medium-term outlook. On December 4, the bulls pushed the coin and broke upside the two dynamic supports and resistance, towards the resistance level of $101, the bears rejected the uptrend and return the coin to trend below the 21-day EMA and 50-day EMA which indicates the bearish momentum in the Bitcoin SV market.
The coin is currently on the support level of $86 in which the bears are trying to break, in case it is broken, support level of $76 will be exposed. In case it is defended by the bulls, $89 resistance level will be touched.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
