Yesterday, Bitcoin SV encountered a breakdown after the bulls retested the $170 resistance. Before this time, the coin has been consolidating between $170 and $180 for over a week.
The bears broke the $170 support to resume a downward move. The downtrend resulted in a major breakdown.
BSV plunged to $135 low but price corrected upward to $155 high. A gradual downward move is made after a retest at the recent high of $155. The coin is approaching the previous low of $148 of March. At this low of March, a rebound above the current support will propel the price to move up. Buyers are likely to buy from the dips to propel price to the previous highs. Today, BSV has fallen and it is trading at $153 at the time of writing.
The recent breakdown is made possible as price is below the EMAs. The coin is susceptible to fall when it is below the EMAs. BSV is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. This is the same to the current price action that indicates a bullish signal. The 12-day EMA and the 26-day EMA are horizontally flat. It implies that the market is consolidating above the current support.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
Bitcoin SV is critically on a downward move. The coin is approaching the previous low of $120 where the previous bear market was terminated. However, if the current support holds, a rebound is possible. BSV will resume a fresh uptrend.
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.