BSV Price Analysis – June 10
BSV/USD has been trading between the bull and the bear, while the price of the cryptocurrency fluctuates sideways.
Resistance levels: $210, $220, $230
Support levels: $170, $160, $150
Bitcoin SV (BSV) is trading at $193.47. The coin is seen moving within the channel and below 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 stochastic RSI indicator is moving below the 40-level.
However, the BSV price is expected to trade above $200 resistance level once again. Any attempt by the bulls to gather enough momentum to work on the development of the sideways movement to result in an upward trend. The purpose of this movement is for the buyers to push the price to the crucial resistance levels at $210, $220, and $230. On the downside, the price could reach the critical supports at $170, $160, and $150 levels.
Comparing with BTC, the Bitcoin SV market has been moving for a while in a very different way. At the moment, the market is following a sideways movement as both the bulls and the bears are trying to decide who will control the market while trying to break the above the moving averages or lower part of the descending channel while the stochastic RSI may move into the oversold zone.
However, if the bears succeed in bringing down the price, traders would expect the market to fall to the support level at 0.017 BTC and 0.016 BTC. Meanwhile, a rebound could push the price above the moving averages and towards the resistance levels of 0.022 BTC and 0.023 BTC respectively. If not, the market may continue to respect the sideways movement.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.