Bitcoin SV Resumes Selling as Bears Retest the Resistance at $140


Key Resistance levels: $220, $240, $260
Key Support Levels: $160, $140,$120

BSV/USD Long-term Trend: Bearish
Bitcoin SV was  in a bearish trend until the market fell to a low of $80. The price consolidated above the support at $80 for a month before the price corrected upward. The upward movement was interrupted as the bulls were resisted at $140. The coin is now falling after being resisted. As the price is falling, the coin is approaching the previous low at $80.

A break below the support at $80 will result in further depreciation of the coin. In other words, the coin will fall to the low at $20. Conversely, if the support at $80 holds, the coin will rise again to reach the previous highs. However, the bulls will face resistance at $140 and $180 as the coin moves up.

BSVUSD-Daily Chart

Daily Chart Indicators Reading:
From the Fibonacci tool, the swing low is taken on July 15, while swing high is taken on June 22. A bull candle body tested the 0.618 retracement level. This implies that BSV will drop to a low of 1.618 Fibonacci extension level. The RSI period 14 level 35 indicates that the price will continue to fall as the coin approaches the oversold region.

BSV/USD Medium-term bias: Bearish
On the 4-hour, the bulls have been making attempts to break the resistance at $140. The price made three attempts at the resistance level before the it dropped. The price is falling and may find support at $80.

BSVUSD-4 -Hour Chart

4-hour Chart Indicators Reading
BSV is falling and it is in the oversold region of the daily stochastic. This signifies that the price is in a strong bearish momentum. The 21-day and the 50-day SMAs are sloping southward indicating that the market is falling.

General Outlook for Bitcoin SV (BSV)
Bitcoin SV is in a downtrend and the selling pressure will continue. The Fibonacci tool indicates that the coin will reach the 1.618 extension level which is the equivalent of $20. On the other hand, if the bears break below the $80 support level, then we will affirm whether or not the market will reach a low of $20.

BSV Trade Signal
Instrument: BSVUSD
Order: Sell
Entry price: $103
Stop: $120
Target: $80

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.