Price Analysis: Bitcoin SV Targets $100 Breakout, Bull Run in sight?

Price Analysis: Bitcoin SV Targets $100 Breakout, Bull Run in sight?

Resistance levels: $103, $113, $123

Support levels: $93, $85, $73

BSV/USD Medium-term Trend: Ranging

On the 4-Hour chart, BSV/USD is ranging. There was a bullish momentum on December 6, from the support level of $85, broke up the resistance levels of $93 and $103 and topped at $113. The bears interrupted the bullish movement and took over the control of the market on December 7 and returned the BSV price below $103 price level where it started consolidation. The coin is ranging between the resistance level of $103 and the support level of $93

The 21-day EMA is above 50-day EMA parallel and close to each other with the coin in between them, which is an evidence of consolidation on the BSV market. The relative strength index period 14 is at 50 levels parallel to the level indicates that ranging movement may continue.

Break out is imminent on the BSV market; a break out of BSV price below the support level of $93 will lead to a further decline in price towards the lower key level of $85. In case, of a breach below the support level of $85, the traders should wait for a correction to it confirming further bearish momentum before taking a short position.  

BSV/USD Short-term Trend: Ranging

BSV is ranging on the 1-Hour chart. The ranging movement on the BSV market started shortly after the bullish movement of the coin was rejected on December 8 by the bears with the formation of a strong bearish candle. Since then, the coin has been range bound between the resistance level of $103 and the support level $93.

The two EMAs are interlocked with the BSV price on the two which indicates that consolidation is ongoing. Relative strength index period 14 is at 50 levels parallel to the level shows that ranging movement may continue. Traders are advised to remain flat until clear breakout.

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