Buyers Are Exerting Pressure to Break Up $58 Level

Bitcoin SV Price Analysis – June 06

An increase in the bulls’ pressure will break up the resistance level of $58 in which the resistance levels of $71 and $87 may be tested. In case the resistance level of $58 holds, the price may decrease towards the support levels at $40, $35 and $30.

Key Levels:

Resistance levels: $58, $71, $87

Support levels: $40 $35, $30

BSV/USD Long-term Trend: Bullish

On the daily chart, Bitcoin SV is bullish. The Crypto has been on a ranging movement within the resistance level of $58 and support level of $40 for more than two weeks ago. The support level of $40 has been tested three times. It is an indication that bulls will dominate the market soon. The coin is increasing gradually with the pressure to break up the resistance level of $58. There is probability that bulls will dominate the market.

The two EMAs are bending up to follow the direction of the price. The crypto is trading above the 9 periods EMA and the 21 periods EMA which indicate bullish momentum. An increase in the bulls’ pressure will break up the resistance level of $58 in which the resistance levels of $71 and $87 may be tested. In case the resistance level of $58 holds, the price may decrease towards the support levels at $40, $35 and $30.

BSV/USD Medium-term Trend: Bullish

Bitcoin SV is on the bullish movement on the medium-term outlook. The bears movement could not continue to dominate the Bitcoin SV market when the price reach the support level of $47. The momentum of the bulls increase and the price incline to test the resistance level of $58 in which it may be broken upside provided bulls exert more pressure.

The price is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is high. The relative strength index period 14 is at 67 levels displaying a bullish signal.

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