Technical Analysis for BSVUSD for 15th December 2021
BSV Retests $120, BSVUSDT Risks Dropping to New 2021 Lows
Past Performance of BSV
Unlike Bitcoin and most crypto tokens, BSV prices are relatively steady. Although it is down approximately 35 percent from December 8, BSVUSDT price action is capped inside the visibly bullish December 6 bull bar.
What to Expect of BSV
Visible from the BSVUSDT price action in the daily chart, the coin has been in an extended consolidation.
Since sellers are in control across the board, the reaction at around $120 and later $100 would shape the short-term trend for BSV.
A welcomed recovery may solidify bulls.
Conversely, if sellers keep up with the current momentum, losses below $100 would see gains of H2 2021 wiped and BSV register new all-time lows.
BSV Technical Analysis
Even though the December 6 bull bar still defines the BSVUSDT price action from a volume analysis perspective, the coin appears to be on a sinker. It is down 35 percent in the last week, signaling general weakness.
As it is, traders may take a wait-and-see approach until there is a definite trajectory defined either above $120 or $100 to confirm or invalidate the December 6 bull bar.
A sharp up-thrust above $120 may prop buyers hoping for a bounce back to $200.
Meanwhile, if BSV buyers lose $120 and $100, the coin may drop to $55—the 1.618 Fibonacci extension level of the H2 2021 trade range in continuation of losses of late H1 2021.
Resistance level to watch: $150
Support level to watch: $120 and $100
Disclaimer: Opinions expressed are not investment advice. Do your research.
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