Bitcoin SV Poises to Surge after More Downsides

Aug 23, 2020 at 12:42 // News
Coin Idol
BSV has fallen and reached the oversold region of the market

Bitcoin SV has fallen from its peak price of $260 to $190 low. After its decline from the $260 high, the price immediately corrected upward to $240.

Buyers managed to hold on the price between $220 and $240 for about two weeks before sellers have the upper hand. Sellers have pushed price to $190 low. 

This low was the previous resistance in July that was broken after a second retest. Subsequently, BSV rallied to $260 high. Today, BSV has fallen and reached the oversold region of the market. The implication is that buyers will emerge to push prices upward. Incidentally, a strong bounce above the $190 support will propel price to retest the $240 resistance.    

Bitcoin SV (BSV) indicator reading 

 Bitcoin SV's recent fall was caused by price breaking the support line of the ascending channel. The price also broke below the EMAs as the coin resumed a downward move. BSV is also below 20% range of the daily stochastic. It indicates that buyers will soon take control of price as the market reached the oversold region.

BSV-Coinidol (2).png

Key Resistance Zones: $320, $340, $360

Key Support Zones: $140, $120, $100 

What is the next direction for BSV/USD?

 Bitcoin Cash has been on a downward since August 18. On August 19 downtrend, sellers tested the $200 support and were repelled and price corrected upward. A green candle body tested the 78.6 % Fibonacci retracement level. It indicates that price will fall and reach the 1.272 Fibonacci extension level but will reverse. When it reverses the price will return to 78.6 % retracement level where it originated. BSV will reverse but the reversal will not be immediate.

BSV-Coinidol(2 Chart) (1).png  

Disclaimer. This analysis and forecast are the personal opinions of the author 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.

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