Technical Analysis for BSVUSD for 2nd December 2021
Bitcoin SV Struggling under the Weight of Sellers, will $140 hold?
Past Performance of BSV
Bitcoin SV is a controversial BCH fork. Like other BTC rooted forks, the coin is under pressure when writing.
Though there are signs of strength, bears are determined and may succeed if $140 fails, confirming losses of November 26.
Currently, BSVUSDT prices are inside a tight $20 range within the November 26 sell bar.
What to Expect of BSV
The Q3 2021 swing higher still defines BSVUSDT prices.
Noticeably, despite selling pressure, prices are within a broad converging wedge.
For now, BSV sellers are retesting the major support trend line.
They will succeed; even pressing prices lower should $140 fails.
In that case, BSV might drop to immediate critical reaction levels at $120 and $110, respectively.
Bitcoin SV Technical Analysis
From an Effort-versus-Results perspective, sellers have the upper hand provided prices trade inside the November 26 sell bar.
The wide-ranging bar defines the short-term price action.
A recovery pushing BSVUSDT above $165 might shift the trend to favor buyers in the immediate term.
Conversely, a high volume break below $140 could see BSV crater to $130—the 78.6 percent Fibonacci retracement level of the Q3 2021 trade range.
Resistance level to watch: $160
Support level to watch: $140
Disclaimer: Opinions expressed are not investment advice. Do your research.
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