By
Dmitriy Gurkovskiy
July 22nd, 2020
“Double bottom” pattern was formed as it is clearly seen on the chart which indicates that BSV price may hit $92 price level in which if the level is broken the coin may have its high at $96 price level.
Key Highlights:
- Bitcoin SV price may hit $92 price level;
- the Bulls are taking over BSV market gradually;
- the Bears may lose the momentum.
BSV/USD Price Medium-term Trend: Bearish
Resistance levels: $92, $96, $101
Support levels: $89, $85, $80
BSV/USD is on the bearish trend on the medium-term outlook. The cryptocurrency left the consolidation zone on December 10. It rallied down and broke the former demand levels of $96, $92. Yesterday, the coin reached the demand level of $89. The 21-day EMA has crossed 50-day EMA indicating bearish momentum on the Bitcoin SV market. On December 7, an attempt to break the resistance level of $92 failed as the upward movement was rejected.
BSV price is currently consolidating on the support level of $89, below the 21-day EMA and 50-day EMA with a distance away from each other indicating the bearish trend is ongoing. The Stochastic Oscillator period 14 is at the oversold region (below 25 levels) with signal lines interlocked as a sign of consolidation. It equally indicates that Bitcoin SV has strong bearish momentum and sell signal.
In case the bears break the demand level of $89 downside, the crypto will find support at the previous low of $85 – $80. An uptrend will be anticipated in case the $89 price level holds.
BSV/USD Price Short-term Trend: Bearish
BSV/USD is bearish on the short-term outlook. Bitcoin SV continues falling after confirmation of takeover at $101 resistance level on December 10. BSV closed lower at $89 support level after broken the former support levels of $96, $92.
“Double bottom” pattern was formed as it is clearly seen on the chart which indicates that BSV price may hit $92 price level in which if the level is broken the coin may have its high at $96 price level. In case the bears defend $96 price level, the coin will bounce and resume its bearish trend.
Meanwhile, the Stochastic Oscillator period 14 is above 40 levels with signal lines points upward which indicates buy signal.
