Bulls May Dominate Over Bears Soon

Bitcoin SV Price Analysis – May23

Further increase in the bears’ pressure will decrease the price to break down the support level of $50 which may expose the price to $45 and $40 price levels. In case the support level of $50 holds, the price may increase towards the resistance level at $73, $87 and $105.

Key Levels:

Resistance levels: $73, $87, $105

Support levels: $50, $45, $40

BSV/USD Long-term Trend: Bearish

On the daily chart, Bitcoin SV is bearish. Last two weeks, the coin was on the ranging movement in the daily chart at $73 level. The former support level at $73 could not hold and the bearish momentum was enough to push the price below it. The former resistance level at $87 remains strong to the bulls. On 05 May, the bears increase their momentum and push down the price to the support level of $50 and it is consolidating at the mentioned level.

The two EMAs are bending down to follow the direction of the price. The crypto continue its trading below the 9 periods EMA and the 21 periods EMA which indicate bearish momentum. Further increase in the bears’ pressure will decrease the price to break down the support level of $50 which may expose the price to $45 and $40 price levels. In case the support level of $50 holds, the price may increase towards the resistance level at $73, $87 and $105.

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is on the bearish movement on the medium-term outlook. The bears continue to dominate the Bitcoin SV market. The momentum of the bears increase and the price decline to break down the support level at $73. The price decreased to the support level of $50. At the moment, price is consolidating at 50 support levels.

The price is trading around the 9 periods EMA and 21 periods EMA which indicate that bears’ momentum and bulls’ momentum is low. The relative strength index period 14 is at 54 levels displaying a bullish signal.

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