Bitcoin SV Is Range-Bound as Bulls and Bears Reach a Period of Indecision

Sep 27, 2020 at 11:06 // News
Coin Idol
Bitcoin SV is range-bound as bulls and bears reach a period of indecision

Bitcoin SV is trading at $162 at the time of writing. This current price level indicates that the coin is still in the range-bound zone of $150 and $180.

On September 3 downtrend; the range-bound zone was formed when price was corrected upward. On September 21, the bears broke the support level of the range-bound zone. Nevertheless, the price pulled back into the zone.

However, if the selling pressure has been sustained on September 21, the market will drop to $116 Low. On the upside, buyers have to push price above $180 high, to be out of the downtrend zone. Possibly, if buyers are successful BSV will resume an upside momentum. In the meantime, the coin is fluctuating between $150 and $180 but the current upward move is facing resistance at $168.

Bitcoin SV  Indicator Reading 

As the coin is making an upward move, the price broke the 12-day EMA but unable to break the 26-day EMA. The upward move can be possible if price breaks above EMAs. The crypto is above 50% range of the daily stochastic. The market is currently in a bullish momentum as price moves up.

BSV - Coinidol.png

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

Key Support Zones: $140, $120, $100 

What Is the Next Direction for BSV/USD?

Since the coin is trading between $150 and $180, the range-bound levels can be breached. Assuming price breaks the $150 support the selling pressure is likely to reach the low of $136 or $126. According to the Fibonacci tool, the retraced candle body tested the 61.8% Fibonacci retracement. This indicates that the coin will fall and reach the low of 1.618 Fibonacci extension level or the $116.04 low

BSV - Coinidol 2 chart.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.

Show comments(0 comments)