Today, Bitcoin SV rebounded above $180 to revisit the $200 high. The coin has earlier traded and reached a high of $200 on July 6 but was repelled.
The bulls could not sustain the upward move because BSV reached the overbought region of the market. In retrospect, the $200 resistance has not breached since the last bearish impulse on May 10.
In the bearish trend of July 6, BSV plunged to the low of $161 because the coin reached the overbought region of the market. The price corrected upward to resume a fresh uptrend. Yesterday, the coin rebounded above $180 support and it is approaching the high of $195. A strong bounce above $190 will propel price to break the $200 resistance. If the bulls sustain the price above the $200, the momentum will extend and retest the $227 overhead resistance. Meanwhile, the price is approaching the resistance at $200.
The market is approaching the overbought region of the market. The coin is above 77 % range of the daily stochastic. It implies the market is in bullish momentum. The price is above the EMAs which suggests that the coin will rise.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
Bitcoin SV has not traded above $200 since May 10 after the bears broke $200 support. In July the market fell to $160 and the price corrected upward. As price approaches, the high of $190, the stochastic is indicating that price is approaching another overbought region.
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 research before investing funds.