Bitcoin SV Struggles in a Price Range, May Resume Uptrend

Aug 09, 2020 at 10:11 // News
Coin Idol
Bitcoin SV is trading above $200

For the past week, Bitcoin SV has been trapped between $200 and $240. Buyers are unable to retest the $260 overhead resistance because of price restriction. The coin is trading above $200 but confined in a price range.

Initially, buyers made two attempts to break the $240 resistance but to no avail. On each attempt, the market will fall to $210 low and resume consolidation above the current support. Today, BSV is trading at $230 at the time of writing. The market is showing no sign of upward move as price momentum is weak.

BSV will remain in consolidation, except the key levels of the market are breached. Today, if the market rebounds above $230, the momentum will propel price to break the $240 resistance. Possibly, a retest at the $260 overhead resistance is likely. As the market consolidates, the support at $200 may be broken by selling pressure. A break below the support will sink BSV to the low of $180 or $160.            

Bitcoin SV indicator reading 

The crypto has a chance of further upward movement as price is above the EMAs.BSV will rise if buyers sustain price above the EMAs. Bitcoin SV is in a bullish momentum as the market is above the 60 % range of the daily stochastic.

BSV-Coinidol (1).png

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

Key Support Zones: $140, $120, $100 

What is the next direction for BSV/USD?

As long as price is above the EMAs, the market will move up. According to the Fibonacci tool , a red candle body tested the 0.618 Fibonacci retracement level. This retracement candle body is either green or red determines the destination of the coin. The coin will rise and reach 1.618 extension level or $300 high.  

BSV-Coinidol(2 Chart).png

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.

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