Bitcoin SV Hangs at the Support, May Slide into a Breakdown

Bitcoin SV Hangs at the Support, May Slide into a Breakdown

Key Resistance levels: $140, $160, $180
Key Support Levels: $80, $60,$40

BSV/USD Long-term Trend: Bearish
Early in December, the coin fell to the support at $92 and continued fluctuating above it. Trading at the bottom of the chart is precarious because of the tendency of the price to slide into depreciation. In retrospect, BSV was in a bear market and it fell to the low of $80 in September.

The bulls reacted and made a price correction up to the high of $140. The bulls could not penetrate the resistance at $140. However, the coin fell again after retesting the resistance on three occasions before nose-diving to the low of $92. The downtrend may continue if the coin trades below the $80 price level. Nevertheless, if it rebounds, it will move up and face the resistance at $140.

BSVUSD - Daily Chart

Daily Chart Indicators Reading:
Early in October, the bearish trend was terminated as the bulls break the downtrend line and closed above it. However, the selling pressure resumed as the coin was resisted at $140. The EMAs have made bearish crossover as the blue line crosses over the red line indicating a sell signal. The RSI period 14 levels 35 is still below the centerline 50 which implies that the price will fall.

BSV/USD Medium-term bias: Bullish
On the 4- hour chart, the coin is trading between the price range of $90 and $112. In November, the bulls made attempts to move up but were  faced with resistance at $112. The bulls made over three attempts at the resistance before falling to the low of $92. Presently, the market is fluctuating at the bottom of the chart for a possible bullish move.

BSVUSD - 4 hour Chart

4-hour Chart Indicators Reading
Bitcoin SV is trading in the oversold region but above 20% range of the daily stochastic. BSV has commenced making an upward move. The coin is now in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping horizontally indicating that the market is fluctuating.

General Outlook for Bitcoin SV (BSV)
Bitcoin SV is in a sideways move above the $90 price level. The coin is expected to trade below the support at $80 before assuming that the downtrend has resumed. However, if the coin rebound at the current price level, BSV will move up to retest the $140 price level.

BSV Trade Signal
Instrument: BSVUSD
Order: Buy Limit
Entry price: $80
Stop: $60
Target: $140

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.