The Bitcoin SV (BSV) price has surged in the past four days, reaching a new 100-day high. It has also broken through the $40 resistance level that has been in place since July.
BSV’s price has been following an ascending support trendline since June, and this trendline has been validated multiple times. The combination of the support trendline and the $40 resistance level forms an ascending triangle pattern, which is considered bullish.
In addition, BSV will be listed on the Bitrue exchange today. This news has likely contributed to the recent price increase.
On October 16, BSV experienced a significant acceleration in its price, reaching a 100-day high of $43.50. The breakout above the $40 level was decisive, although BSV has yet to close above this area on a daily basis.
BSV Price Prediction: Will Price Reach $50?
An analysis of the price action and the Relative Strength Index (RSI) supports the ongoing breakout and increase in BSV’s price. The RSI is above 50 and increasing, indicating a bullish trend. However, the RSI is also overbought, which suggests a potential local top.
By projecting the height of the ascending triangle to the breakout level, a target price of $56 can be determined. This aligns with a horizontal resistance area at $56 and is likely to act as the top for BSV’s price movement.
A well-known cryptocurrency trader on X has a similar target for BSV’s price.
However, if BSV fails to close above $40 on a daily basis, it would invalidate the breakout and could lead to a 20% drop to the ascending support line at $34.
Hot Take: Bitcoin SV (BSV) Price Surges to New Highs, Breaks Resistance Level
The price of Bitcoin SV (BSV) has experienced a significant surge in the past few days, reaching a new 100-day high and breaking through the $40 resistance level. This breakout, combined with an ascending support trendline, suggests a bullish pattern for BSV’s price movement. The listing of BSV on the Bitrue exchange has likely contributed to the recent increase in price. However, it remains to be seen whether BSV can maintain its momentum and reach the $50 price level. Traders are advised to closely monitor the RSI readings and daily closing prices to determine the validity of the breakout.
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