By
Dmitriy Gurkovskiy
July 22nd, 2020
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.
Key Highlights:
- The support level of $86 may be broken;
- the bears were in control of the Bitcoin SV market;
- bulls may take over the market soon.
BSV/USD Price Medium-term Trend: Bearish
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 Price Short-term Trend: Bearish
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.
