Bitcoin SV (BSV) Price Analysis (May 10)

Key Highlights

• BSV/USD market has a bit gone below a range trading line at $200 mark today
• Bears may put more effort into lowering BSV/USD pair towards a major accumulation territory of $120
• Traders should as well be wary of not getting whipsawed by a false downward price action.

Bitcoin SV (BSV) Price Analysis

• Major distribution territories: $240, $280, $320
• Major accumulation territories: $120, $80, $40

The US dollar has been able to exert pressure on Bitcoin SV’s market worth after a line of range trading situations around $200 territory. The crypto may continue to be under falling forces as the fiat currency remains to gain strength in the market.

Bears will move the trade towards a smaller value around $160 mark if the current downward pressure isn't reversed quickly. Expectantly, the bearish pressures may have to drop to locate an accumulation territory closer towards a low point at $120.

Bitcoin SV (BSV) Technical Indicators Reading

A bearish candlestick has appeared to break the SMA trend-lines downward to an extent. The 14-day SMA trading indicator is over the 50-day SMA trend-line. And, they still near a range trading line at $200 point. A selling force signal now appears to take a gradual form in this crypto trade. The Stochastic Oscillators have slantingly positioned between ranges of 60 and 40. And, they have now slightly crossed the hairs at the smaller range to possibly suggest a return of downward price moves in the marketing operations of BSV/USD.

Conclusion

As at present, it has once again established that the BSV/USD bulls will still suffer some losses below a high value of $240 distribution point. Meanwhile, an interception of the bigger SMA technical indicator by the smaller SMA trading indicator from the top will be a sell-signal confirming to see a sharp price drop in the crypto-fiat pair. However, traders need to be wary of bears’ possible trap as there may as well be another round of price rallies in the downward moves process.

 

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ben Jordan
Ben Jordan
Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,234FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Will Emerge Stronger Out of the Ongoing Crisis: Congressman Tom Emmer

It is the fact that no one has centralized control over Bitcoin that makes it stand out in comparison to fiat currencies that are...

Coca-Cola to Utilize Baseline Protocol For Supply Chain Tracking with Exposure to DeFi

Coke One North America (CONA) has partnered with Provide and Unibright to streamline the supply chain of the largest coca-cola bottlers in the region...

USD-Pegged Cryptos & BTC Continue to Rise in Contradiction to the Falling US Dollar

The US dollar is not having a good start in the second half of 2020. The dollar index, which measures the greenback against a basket...

Coinbase Wallet Integrates Unstoppable Domains; Send Payments Via .Crypto Addresses

Coinbase Wallet, a service rendered by US based Coinbase crypto exchange is extending its support for Unstoppable Domains according to an announcement made by...

Mad Rush to BTC Coming Soon as Barstool Sports' Dave Portnoy Declares ‘I Want to Buy All the Bitcoins'

Dave Portnoy, the founder of Barstool Sports, has now turned his attention to Bitcoin as he said, "I want to buy all the bitcoins." Portnoy...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today