Bitcoin SV Faces Rejection at $180, May Attempt to Reach the $183.89 High
Oct 25, 2020 at 15:11 //
News
Yesterday, buyers attempted to push BSV above the $180 overhead resistance. The upward move is facing resistance. If buyers turn down from the resistance zone, the sideways move will resume.
Today, the coin is retracing after being resisted to a low at $175 at the time of writing. On the upside, if price retraces and rebounds above $170, the $180 overhead resistance will be breached. Conversely, if the coin fails to rebound, the sideways move below the resistance will persist.
Bitcoin SV indicator reading
BSV price is above the SMAs which suggest the coin will rise. However, if the price breaks below the SMAs, the coin will resume selling pressure. BSV is above the 80% range of the daily stochastic. It indicates that the coin is in the overbought region and sellers may emerge to push prices down.
Key Resistance Zones: $320, $340, $360
Key Support Zones: $140, $120, $100
What is the next direction for BSV/USD?
Bitcoin SV is making a fresh uptrend to retest the resistance at $180. On October 22 uptrend; the coin was resisted at $172. The last retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that BSV will eventually rise to 1.618 Fibonacci extensions or the high of $183.68.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow