Bitcoin SV Price Analysis – December 14
Bitcoin SV struggles at the support of $92. A breakdown will depreciate the coin to a low of $78. Alternatively, if it bounces at the current level, it will rally above $140.
Resistance Levels: $240, $260, $280
Support Levels: $80, $60, $40
BSV fell to the low of $92 and commenced a consolidation above it. In retrospect, the bear market commenced in June after the coin was resisted at $240. In the first bearish impulse, the market fell to a low of $110. The bulls made an upward correction to the high of $180. In the second bearish impulse, the market fell to a low of $80. The bulls also made the second upward correction to the high of $140.
In the final downward move, BSV fell to a low of $92. From the foregoing, the selling pressure will continue, if the bears break the low at $80. BSV will fall and find support at $60. Conversely, BSV will resume an upward move, if the support at $80 holds. Meanwhile, the Relative Strength Index period 14 is level 35 indicates that the market is approaching the oversold region.
On the BSV/BTC chart, the coin is in a range-bound movement. The market is currently fluctuating between the levels Ƀ0.01000 and Ƀ0.016000. The bulls made an upward move and retested the resistance line on three occasions before falling below the EMAs.
Meanwhile, the coin has fallen to the oversold region below the 20%range of the daily stochastic. It means that the market is in a strong bearish momentum.
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