BSV Price Analysis – May 7
BSV/USD has been trading between the bull and the bear, while the price of the cryptocurrency fluctuates in sideways.
Resistance levels: $235, $245, $255
Support levels: $170, $160, $150
After touching the resistance level of $213 today, BSV/USD is seen trading at $202.99. The coin is also moving within the channel and around the 9-day and 21-day moving averages, indicating an indecisive movement in the market. For the time being, the market price is moving towards the lower limit of the channel and the trading volume is issuing a buy signal but the RSI (14) indicator is moving above the 52-level.
Moreover, BSV price is expected to reach a $220 resistance level. Any attempt by the buyers to cancel the sideways movement and the development of the downtrend could result in an upward trend. The purpose of this movement is for the buyers to push the price to the crucial resistance levels at $235, $245 and $255. On the downside, the price could reach the critical supports at $170, $160, and $150 levels if the coin drops below the channel.
Against Bitcoin, the Bitcoin SV is trading below the 9-day and 21-day moving averages but with some bearish candles trying to break below the channel. The RSI (14) has crossed into the oversold zone which could bring more bearish signals into the market. A further drop may likely hit the support levels of 0.017 BTC and 0.015 BTC.
However, any form of a rebound from the current level at 0.0213 BTC could push the price of the coin to the resistance level of 0.025 BTC and above. But the buyers may need to gather enough momentum for them to push the price to the north. For now, the trading volume is still low and may start rising once the technical indicator turns upward.
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