Bitcoin SV Is Stuck Below $180 Resistance, Unable to Push on the Upside

Dec 06, 2020 at 10:57 // News
Coin Idol
Buyers have not been able to break the resistance at $180

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.

Bitcoin SV indicator reading 

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.

BSV - Coinidol.png

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

Key Support Zones: $140, $120, $100   

What is the next direction for BSV/USD?

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

BSV - Coinidol 2 chart.png

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.

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