Bitcoin SV (BSV) rallied to a $200 high and pulled back. The altcoin has been range-bound between $170 and $200 after the February 23 breakdown.
In the previous price action, BSV traded and reached a high of $285.77 but was repelled. Buyers could not sustain the uptrend as price reached the overbought region. Sellers emerged to push the prices downward.
On February 23, BSV/USD plunged to $170 low and resumed a sideways move. Today, buyers attempted to break the resistance at $200 but the price fell into the range-bound zone. On the upside, a break above $200 resistance will propel BSV to reach a high of $240. Alternatively, if buyers sustain the bullish momentum above $220, the market will resume upside momentum. Otherwise, the range-bound move between $170 and $200 will linger on.
Major Resistance Levels – $300 and $320
Major Support Levels – $180 and $160
BSV is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. Presently, the market is above the 75% range of the daily stochastic. This indicates that the altcoin has bullish momentum.
Presently, the price is retracing on the downside. On March 13 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the price will rise but reverse level 1.272 Fibonacci extension or the high of $204.65
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.