Bitcoin SV Rebounds, Poises to Retest the $200 Overhead Resistance

Bitcoin SV rebounded above $150 low to reach a high of $200. The recent bounce propelled the coin to reach the overbought region.

In the meantime, BSV is retracing from the recent high which will propel it for a further upward move. In the overbought region, sellers emerged to push the coin to $185 low. The price corrected upward and retested $190 high. 

As a result of the retest, the coin further depreciated to $175 support. In the meantime, the market is consolidating above $175 support. BSV will resume a fresh uptrend if the current support holds. A rebound above this support will propel price to break the $200 resistance. The momentum will extend and retest the $227 overhead resistance. However, if the bears break the $175 support, the coin may drop to $160 or $155 low.  

Bitcoin SV indicator reading 

The crypto was earlier above 80% range of the daily stochastic but the bands are below the 80% range. Sellers emerged to push prices down as the selling pressure reached bearish exhaustion. The price has retraced and found support above the 12-day and 26-day EMAs. The coin will rise as long as price remains above the EMAs.

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

Key Support Zones: $140, $120, $100 

What is the next direction for BSV/USD?

Bitcoin SV is now consolidating above $175 support. In other words, price is above the EMAs. The bottom line is that price will rise if these support levels hold. The reverse will be the case if the support levels are broken. At the time of writing the coin has RESUMED the upward move.

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.