Key Support Levels: $80, $60, $40
BSV/USD Long-term Trend: Bullish
Bitcoin SV is in a bull market. The bulls made a remarkable move as the price reached a high of $440 on January 14. The price corrected itself as it retraced to a low of $240. The coin is still in the bullish trend zone. The bulls have to pick up momentum to retest the $440 resistance. A successful breakout will propel BSV to a high of $600. In retrospect, BSV has been fluctuating between the levels of $80 and $160. On January 10, the price broke the upper price range and we have the price rally above $440.
Daily Chart Indicators Reading:
BSV is below 60% range of the daily stochastic indicating that the coin is in bearish momentum. The moving averages have a bullish crossover as the 21-day SMA crosses over the 50-day SMA.
BSV/USD Medium-term bias: Bullish
On the 4- hour chart, the coin reached a high of $440 but buying power dries up at a higher price level. The bulls could not sustain the upward move. The coin dropped to the low of $280 and retested the $320 before dropping again. The resistance at $320 was tested on three occasions as the coin drops to the low of $240.
4-hour Chart Indicators Reading
The Relative Strength Index period 14 level 40 indicates that the coin is in the range-bound zone. At the moment, the coin is fluctuating between $240 and $320. The bulls defended $240 to avoid further depreciation, while the upward move has been restricted at $320.
General Outlook for Bitcoin SV (BSV)
Bitcoin SV has the prospect of rising because it is in the bullish trend zone. The upward moves have been scuttled at the $320 resistance. The recent rally was short-lived because of a lack of buying power at a higher price level. Presently, BSV is ranging as the bulls and bears are undecided about their next .move.
BSV Trade Signal
Instrument: BSVUSD
Order: Buy
Entry price: $260
Stop: $200
Target: $440
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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