Technical Analysis for BSVUSD for 12th October 2021
BSV Upward Momentum Slowing Down, Prices Pullback from $190
Past Performance of BSV
The coin is stable on the last trading day, printing lower lows relative to the upper BB and underperforming BTC and ETH in the past 24 hours.
Down four percent, BSV bulls appear exhausted as prices remain in consolidation inside the October 7 bullish bar.
What to Expect of BSV
The path of least resistance is defined and still northwards at the time of writing.
Ideally, a close above $190 and last week's high may provide the necessary tailwinds to pump BSV higher above September 2021 highs—a multi-week resistance level.
The immediate target, in that case, would be May 19 highs at around $290, invalidating the bear hangover, potentially igniting demand in a welcomed shift of trend.
BSV Technical Analysis
From a top-down approach, sellers have the upper hand since prices are still defined by the trading range of May 19 and 20.
However, a close above $190 and the multi-week resistance trend line would cement bullish conviction, lifting BSV towards $290.
Accordingly, aggressive BSV traders may find an opportunity to load the dips provided price trends within the $40 range defined by the leading October 7 bull bar.
Conversely, if BSV prices contract below October 7 lows at around $150, prices may slide back to $120 or September 2021 lows.
Resistance level to watch out: $190
Support level to watch out: $150
Disclaimer: Opinions expressed are not investment advice. Do your research.