Bitcoin SV has been range-bound since September. The coin has been fluctuating between $151 and $185. Buyers have not been able to break the resistance at $180.
Each time buyers break the resistance at $180, the price will fall to the range-bound zone. For example, on November 24, the coin rallied to $216 but fell immediately to the range-bound zone.
On December 4, there was a price spike as the coin rallied to $200 but the price pulled back to the range-bound zone. Today, the coin is falling after facing rejection at a higher price level. The coin lacks buyers at higher price levels. Nonetheless, if buyers fail to break the $180 overhead resistance, the crypto will be confined to the range-bound zone.
BSV is at level 53 of the Relative Strength Index period 14. It indicates that the coin is in an uptrend zone. The altcoin is above the 40% range of the daily stochastic but the stochastic bands are horizontally flat. It indicates that it is in a bullish momentum but the coin is in a sideways move. Incidentally, the price bars are above the SMAs which suggests a possibility of the coin rising.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
Bitcoin SV is yet to break the $180 overhead resistance convincingly. However, the Fibonacci tool has indicated a possible move of the coin. On November 30 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the coin will rise and reach level 2.0 Fibonacci extension or the high of $220.47
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.