Bitcoin SV Attempts To Break the $180 Resistance for a Possible Upward Move

Bitcoin SV has fallen into the previous range bound zone of between $151 and $180. The coin fell to $171 low and made an upward correction.

Today, BSV is trading at $177 and it is approaching the $180 resistance. The crypto will fall again if it faces rejection at the $180 resistance level. In the previous price action, the market has been in a downward move. After the major breakdown on January 11, the price corrected upward to $235. Thereafter the downtrend resumed. Today, the coin has fallen above the $177 support level. After consolidation, the next direction of price movement will be determined. Meanwhile, the coin is in the range-bound zone and there is a likelihood of price fluctuation in this price range.

Bitcoin SV indicator reading 

The crypto is at level 45 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. This implies that the coin is capable of falling. The 21-day SMA and the 50-day SMA are horizontally flat. This indicates the previous trend.

Key Resistance Zones: $360, $380, $400

Key Support Zones: $180, $160, $140 

What is the next direction for BSV/USD?

Bitcoin SV is in a downward move but it is rising to retest the $180 high. The downtrend will resume if it faces rejection at $180. Otherwise, the coin will resume an upward move. The Fibonacci tool has indicated a further downward movement of the coin. On January 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the coin will fall and reach level 1.618 Fibonacci extension or the low of $83.30.

  

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.