Coinbase Delisting Bitcoin SV (BSV) on January 9
Coinbase has announced that it will be delisting Bitcoin SV (BSV) on January 9, 2024. Users are advised to withdraw their funds before this date to avoid liquidation.
BSV Breaks Out From 800-Day Trendline
In April 2021, BSV began trading under a descending resistance trendline, reaching a low of $15.70 in June. However, the altcoin experienced an upward movement, breaking out from the trendline after being in place for 800 days.
Failure to Clear $50 Horizontal Resistance
Despite the breakout, BSV was unable to surpass the crucial $50 horizontal resistance area. This area has acted as both support and resistance since 2018 and rejected BSV twice.
RSI Indicator Shows Bullish Momentum
The weekly Relative Strength Index (RSI) for BSV remains bullish. Traders can use the RSI as a momentum indicator to determine whether an asset is overbought or oversold. A reading above 50 indicates a bullish trend.
BSV Price Prediction: What’s Next?
On the daily timeframe, BSV’s price has accelerated its rate of increase since bouncing off an ascending support trendline on October 9. However, it has been trading between the $40 and $56 range and failed to break out from the latter.
Coinbase Delisting Impacts Sentiment
The announcement of Coinbase delisting BSV on January 9 has caused some bearish sentiment. If users fail to withdraw their funds before this date, they will be liquidated.
Potential Price Scenarios
The daily RSI is currently falling but remains above 50. If the price continues to decline, it could reach the $40 horizontal area, a 20% decrease from the current price. However, a daily close above $56 resistance could lead to a 35% increase to the next resistance at $67.
Hot Take: BSV Faces Uncertain Future After Coinbase Delisting
The delisting of BSV by Coinbase raises concerns about its future prospects. Traders and investors will closely monitor its performance in the coming weeks to see if it can overcome the negative sentiment and regain bullish momentum.
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