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.
In case the resistance level of $90 holds the Bitcoin Cash SV price will bounce and the bears will take over the market and have its target at the support level of $39.
- The bears dominated the Bitcoin Cash SV market last week;
- bulls may take over the market soon;
- bears may lose control.
BCHSV/USD Price Medium-term Trend: Bearish
Resistance levels: $90, $110, $125
Support levels: $64, $49, $34
The coin is in a bearish trend in its medium-term outlook. The cryptocurrency was bullish last week until yesterday. On November 23, the bulls took over the BCHSV market after the formation of doji candle and the BCHSV price was pushed up, broke the former resistance levels of $49, $64, $90 and headed to the upper resistance level of $110. The uptrend was interrupted by the bears yesterday and the BCHSV price was returned and broke downside the former support level of $90.
BCHSV price is in-between the 21-day EMA and 50-day EMA below the resistance level of $90. Currently, the bulls are defending the dynamic support level of 50-day EMA to return the BCHSV price to the uptrend. Meanwhile, the relative strength index is above 50 levels pointing upward indicating buy signal.
BCHSV/USD Price Short-term Trend: Bearish
BCHSV/USD is bearish on the medium-term outlook. The Doji candle formed at the resistance level of $110 followed by bearish candles indicate the increase of bears’ pressure which pushed the Bitcoin Cash SV price downside, it broke the dynamic support level of 21-day and 50-day EMA together with the former support level of $90. The price was below the two EMAs yesterday.
Currently, the bulls are making an attempt to return the Bitcoin Cash SV market to the uptrend by the formation of a strong bullish candle to break the resistance level of $90 upside. In case the resistance level of $90 holds the price will bounce and the bears will take over the market and have its target at the support level of $39.