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'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.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
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.
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.