Over the past four days, the price of Bitcoin SV (BSV) has seen a significant acceleration, culminating in a new 100-day high. During this impressive run, BSV also managed to break through the $40 horizontal resistance level, which had remained unbroken since July.
BSV Clears $40 Resistance: The BSV price surge has been accompanied by a rising support trendline that has been in place since it hit a low of $15.70 in June. This trendline has been repeatedly validated, most recently on October 9. The price of BSV has mostly traded below the $40 horizontal resistance level during the period of following the ascending support trendline, forming an ascending triangle, which is generally considered a bullish pattern.
Bitrue Exchange Listing: Notably, BSV will be listed on the Bitrue exchange, a development that has likely contributed to the recent surge.
BSV Price Prediction and Technical Analysis: An analysis of the price action and Relative Strength Index (RSI) readings supports the ongoing breakout and the upward movement. The RSI is a commonly used momentum indicator that helps traders assess whether an asset is overbought or oversold and make decisions about buying or selling.
Currently, the RSI reading is above 50 and is increasing, both indicating a bullish trend. However, it’s worth noting that the RSI is also in overbought territory, which can signal local tops.
The primary price target can be calculated by projecting the height of the ascending triangle to the breakout level. This projection suggests a target price of $56, which coincides with a horizontal resistance area at that level.
While this bullish BSV price prediction suggests further gains, a daily close below $40 would invalidate the breakout and could lead to a 20% decline to the ascending support line at $34.
BSV’s recent performance indicates renewed interest in the cryptocurrency, and the Bitrue exchange listing may play a role in its continued upward trajectory. However, as with any cryptocurrency investment, market conditions can change rapidly, so it’s important for investors to stay informed and exercise caution.