Daily (BSV) Value Forecast – July 2

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BSV /USD Medium-term Trend: Bullish

  • Resistance Levels: $250, $275, $300
  • Support Levels: $225, $200, $175

Yesterday, July 1, the price of BSV was in a bullish trend. From the Fibonacci tool, the coin is in the 0.382 (38.2%) Fib. retracement level. The crypto’s price is retracing to the support level of 0.382 Fib. retracement level. The Fib. retracement level is a continuation zone for a trending market.

On the upside, if the bulls defend this level, the crypto’s price will rise to retest the previous highs. From the price action, the crypto’s price is trading below the $250 overhead resistance. The crypto’s price is ranging below the overhead resistance level. On June 4, the bulls tested the $225 resistance level and the price fell to the support of the 12-day EMA. On June 22, the bulls tested the $250 resistance level and were resisted.

The price fell below the EMAs and it is approaching the $175 support level which was the previous low of June 9. If the support level holds as in the previous cases, the bulls will make an upward move to retest the $250 resistance level. The BSV coin is at the oversold region of the daily stochastic but below the 40% range. This indicates that price is in the bearish momentum and sell signal.

BSV/USD Short-term Trend: Bearish

On the 1-hour chart, the price of BSV is in a bearish trend zone. The 12-day EMA and the 26-day EMA are sloping southward. The moving averages act as resistance to the bullish candlesticks. Each time the bullish candlestick tested the 12-day EMA and the 26-day EMA, the crypto would fall. The daily stochastic is in the overbought region but above the 60% range. This indicates that price is in a bullish momentum and a buy signal

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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