Bitcoin SV Makes Upward Corrections But Struggles To Push Price Above $110

Share On Facebook
share on Linkedin
Print

Key Support Levels: $160, $140,$120

©

Key Resistance levels: $220, $240, $260

BSV/USD Long-term Trend: Bullish
Bitcoin SV is making a surprising upward move after surviving a downtrend from the overhead resistance at $150. The coin fell to a low of $92 and commenced a bullish move. The price upward move can be sustained if the bulls overcome the initial resistance at $115 and $ 120.

Presently, the coin is trading at $108, attempting to break above the previous low in July. In July, the previous low was supported as the market moved up to the $180 price level. Today, the previous low is a resistance level, the price has to break above that low and close. However, BSV will fall to the low of $80, if the bulls fail to break the initial resistance levels.

BSVUSD-Daily Chart

Daily Chart Indicators Reading:
Bitcoin SV is in a bullish momentum above 20% range of the daily stochastic. The market is expected to rise and revisit the previous high of $140. The rise of BSV is depended upon the bulls breaking above the 21-day and 50-day SMAs. The price will be in the bullish trend zone if the price is above the SMAs.

BSV/USD Medium-term bias: Bullish
On the 4-hour chart, the price tested the support above $92 before embarking on the bullish movement. The formation is in the form of a bullish double bottom indicating that the coin is likely to rise. The coin is expected to rise above the $120 and retest the overhead resistance at $140.

BSV-4-Hour Chart

4-hour Chart Indicators Reading
There are prospects of the coin rising because the price is above the 21-day and 50-day SMAs. The RSI period 14 level 53 indicates that price is above the centerline 50 which means Bitcoin SV is in a bullish trend.

General Outlook for Bitcoin SV (BSV)
Bitcoin SV is in a bullish momentum. All the indicators are showing signs that BSV is in a bullish trend except the moving averages. On the daily chart, the price bars are still below the 21-day SMA and the 50-day SMA meaning that the coin is the bearish trend zone. The 50-day SMA is acting as a resistance to BSV. However, the coin will be in an uptrend once the price is above SMAs.

BSV Trade Signal
Instrument: BSVUSD
Order: buy
Entry price: $105
Stop: $92
Target: $140

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20220520 00:54:28