Bitcoin SV Price Analysis: BSV/USD Trends of December 12–18

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Photo: Bitcoin SV / Twitter

Photo: Bitcoin SV / Twitter

Key Highlights:

  • Bitcoin SV price may hit $92 price level;
  • the Bulls are taking over BSV market gradually;
  • the Bears may lose the momentum.

BSV/USD Price Medium-term Trend: Bearish

Resistance levels: $92, $96, $101
Support levels: $89, $85, $80

BSV/USD is on the bearish trend on the medium-term outlook. The cryptocurrency left the consolidation zone on December 10. It rallied down and broke the former demand levels of $96, $92. Yesterday, the coin reached the demand level of $89. The 21-day EMA has crossed 50-day EMA indicating bearish momentum on the Bitcoin SV market. On December 7, an attempt to break the resistance level of $92 failed as the upward movement was rejected.

BSV price is currently consolidating on the support level of $89, below the 21-day EMA and 50-day EMA with a distance away from each other indicating the bearish trend is ongoing. The Stochastic Oscillator period 14 is at the oversold region (below 25 levels) with signal lines interlocked as a sign of consolidation. It equally indicates that Bitcoin SV has strong bearish momentum and sell signal.

In case the bears break the demand level of $89 downside, the crypto will find support at the previous low of $85 – $80. An uptrend will be anticipated in case the $89 price level holds.

BSV/USD Price Short-term Trend: Bearish

BSV/USD is bearish on the short-term outlook. Bitcoin SV continues falling after confirmation of takeover at $101 resistance level on December 10. BSV closed lower at $89 support level after broken the former support levels of $96, $92.

“Double bottom” pattern was formed as it is clearly seen on the chart which indicates that BSV price may hit $92 price level in which if the level is broken the coin may have its high at $96 price level. In case the bears defend $96 price level, the coin will bounce and resume its bearish trend.

Meanwhile, the Stochastic Oscillator period 14 is above 40 levels with signal lines points upward which indicates buy signal.