Bitcoin Price Analysis: BSV/USD Trends of January 02–08 2019

2019-1-3 20:12

CoinSpeaker
Bitcoin Price Analysis: BSV/USD Trends of January 02–08 2019

Key Highlights: The bulls are in control of the Bitcoin SV market on short-term; the bullish momentum may continue; break out is imminent. BSV/USD Price Medium-term Trend: Bullish

Resistance levels: $92, $100, $107
Support levels: $85, $80, $73

BSV/USD is bullish on the medium-term outlook. BSV found its support at the $85 on December 28. The bulls pushed it up and broke up the $92 resistance level before it was resisted by the bears at 50-day EMA. Bitcoin SV price fell back to its previous low on January 01 before a strong bullish candle formed which penetrated the $92 price level followed by another bullish candle that extended the Bitcoin SV price towards $100 resistance level. The coin is currently consolidating at the $92 price level.

The Stochastic Oscillator period 14 is above 60 levels with the signal line twisted to each other horizontally placed without direction confirm that consolidation is ongoing. BSV price is trading on the two EMAs around $92 price level. The breaking down of $92 price level may drop the BSV price at the previous low while the bullish momentum will ride the price to $100 – $107.

BSV/USD Price Short-term Trend: Bullish

The bulls took over the BSV/USD market on the short-term outlook. The strong massive bullish candle formed at the $85 on January 1 interrupted the bearish trend and implies that the bulls are taking over the BSV market. It broke the resistance level of $92 rallied towards $100 price level. The bearish pressure pulled back the Bitcoin SV price to the broken level to retest. The crypto is moving sideways above $92 price level which may either break out the upper trend line or break down the lower trend line.

The 21-day EMA has moved above the 50-day EMA with the BSV trading above it connotes increased bulls’ momentum on the BSV market. The Stochastic Oscillator period 14 is at 40 levels with the signal lines crossing upside which connotes continuation of the bullish trend on the short-term outlook. However, patience is required by the traders to place profitable trades in this scenario.

Bitcoin Price Analysis: BSV/USD Trends of January 02–08 2019

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