By
Dmitriy Gurkovskiy
July 22nd, 2020
The breakdown of the Bitcoin SV’s support level of $73 by the bears’ momentum will expose the $68 price level, alternatively, should the support level of $73 holds there will be bullish rally towards $100 price level.
Key Highlights:
- The bearish trend continues in Bitcoin SV market;
- in case the support level of $73 holds there will be a bullish rally;
- the downtrend may continue in case the bears increase their pressure.
BSV/USD Price Long-term Trend: Bearish
Resistance levels: $85, $100, $116
Support levels: $73, $68, $61
On the Long –term, BSV/USD is on the bearish trend; As long as Bitcoin SV price remains under the two EMAs, the coin remains bearish though consolidating for more than eight days now within the range of $85 resistance level and $73 support level. Several attempts have been made by the bears to break down the support level of $73 but all failed; that shows the support level must be strong. It will take a radical force or fundamental events for the coin to rally to the north or south.
The BSV/USD is presently trading below the 21-day EMA and 50-day EMA which well fans apart from each other which implies bearish trend in Bitcoin SV market. The MACD period 14 with its histogram is flat on the zero levels and its signal lines closed together horizontally flat showing no direction implies that consolidation is ongoing in the BSV market.
The breakdown of the support level of $73 by the bears’ momentum will expose the $68 price level, alternatively, should the support level of $73 holds there will be bullish rally towards $100 price level.
BSV/USD Price Medium-term Trend: Bearish
BSV/USD is on the bearish trend on the medium-term outlook. The bears’ domination of the Bitcoin SV market on the 4-Hour chart is clearly observed as the coin is making lower lows movement on the chart with the formation of more bearish candles.
The dynamic support and resistance level of 21-day EMA and 50-day EMA has been acting as a barrier against the upward movement; that is an attempt by the bulls to push the coin upward is been resisted by the two EMAs.
The coin is fluctuating in and out of the two EMAs as a sign of ranging movement in the market. The histogram of MACD is flat on the zero levels and the signal lines horizontally flat as well which connotes continuation of sideways movement in the BSV market.
