Bitcoin SV is retracing after yesterday’s price spike. The price has retraced above the $200 support level. There will be a further upside momentum if the current support level holds.
Yesterday’s rally reached a high of $325 and later pulled back. The coin is now making a gradual retracement. In the current bull market, most of the coins will resume upside momentum after three days of correction.
It is assumed that the coin is likely to rise. In retrospect, BSV has not been trending for over three months. The altcoin has been range-bound between $151 and $180. Yesterday’s breakout signalled the resumption of upside momentum. However, in the previous price spike, the coin will fall back to the range-bound zone. This is because of the strong selling pressure at a higher price level. Meanwhile, the crypto is trading at $254 at the time of writing.
Bitcoin SV indicator reading
Yesterday, BSV was at level 84 of the Relative Strength Index period 14. This indicates that the altcoin reached the overbought region of the market. Sellers emerge to push prices downward. However, the coin will resume upward if the $200 support holds.
Key Resistance Zones: $360, $380, $400
Key Support Zones: $180, $160, $140
What is the next direction for BSV/USD?
As BSV breaks out of the previous range bound zone, there is a likelihood of a further upward move. On January 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the coin will rise and reach level 2.0 Fibonacci extension or the high of $220.47
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.