Bitcoin SV has been in a downward correction since September. In the last two months, the coin has not been trending. Rather, buyers have continued to retest the $180 overhead resistance to break it.
Similarly, sellers have not the ability to push the price beyond $148.50. In other words, BSV is range bound between $180 and $148.50.
Presently, BSV is trading at $161 at the time of writing. The crypto is falling toward the support line of the horizontal line. BSV will resume a downtrend if the bears break the support line. However, the range-bound movement will continue if the support line remains unbroken.
The 50-day SMA and 21-day SMA are horizontally flat indicating that the coin is in a range-bound movement. The crypto is at level 47 of the Relative Strength Index period 14. It indicates that the coin is likely to fall. However, this is contrary to the stochastic indicator which is indicating a bullish momentum above the 40% range of the daily stochastic.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
BSV is facing rejection as the coin resumes a downward move. On November 4 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BSV is likely to fall to level 2.0 Fibonacci extensions. That is the coin will fall to the low at $104.89.
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.