Bitcoin SV has been battling with downward correction as buyers attempt to break into the bullish trend zone. The coin is trading at $171 at the time of writing.
Each time, buyers push the price to the resistance zone at $180; the coin will be repelled to a sideways move. The coin will fall and resume a fresh upward move to retest the resistance zone.
On the upside, if buyers push BSV above $180 high, the coin will resume upside momentum. In other words, it will signal the resumption of the uptrend. BSV will rise to $200 without any resistance. Conversely, if the bulls fail to break the recent resistance, the sideways move below the resistance will continue.
BSV price has already broken above the resistance line of the descending channel. This suggests that the coin will continue to rise to the previous highs. The price has also broken above the SMAs but not convincingly. This also means a possible rise of the coin. The crypto is above 50% range of the daily stochastic. It indicates that the coin is in a bullish momentum.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
Bitcoin SV has resumed a fresh uptrend. In the previous trend, the coin was resisted at $178. The retraced red candle body tested the 50% Fibonacci retracement level. This explains that the market will rise and reach a high of 2.0 Fibonacci extension level. That is the high of $217.76.
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.