What Happened After Bitcoin SV (BSV) Price Hit 100-Day High?
The price of Bitcoin SV (BSV) has risen over the past 4 days, hitting a new 100-day high yesterday.
During the rally, BSV broke above the $40 horizontal resistance level in place since July.
Bitcoin SV clears the $40 resistance area.
After reaching a low of $15.70 in June, the price of BSV has risen with an uptrend of support.
The trend line has been confirmed several times (green icons), most recently on October 9.
BSV has traded below the $40 horizontal resistance area, while following an uptrend of support. When combined with a support trendline, it forms an ascending triangle, considered a bullish pattern.
It is also worth mentioning that the cryptocurrency is listed on the Bitrue exchange today.
The altcoin's price sharply accelerated its gains on October 16, hitting a 100-day high of $43.50 yesterday. The increase resulted in a critical breakout from the $40 horizontal area.
While BSV has yet to reach a daily close above this area, it does move well beyond it.
BSV Price Prediction: Will It Reach $50?
A close look at the price action and Relative Strength Index (RSI) readings supports the ongoing breakout and rally.
Traders use the RSI as a momentum indicator when evaluating market conditions to determine whether the market is overbought or oversold and decide whether to accumulate or sell the asset.
If the RSI reading is above 50 and the trend is up, the bulls still have an advantage, but if the reading is below 50, the opposite is true.
The RSI is above 50 and rising, both of which are considered signs of a bullish trend. However, it is worth noting that the indicator is overbought (white icon), this sign is associated with local peaks.
A potential target for BSV price action can be found by projecting the height of the triangle (red icon) to the breakout level.
Doing so will set the target at $56, 30% higher than the current price. This could be a high as it coincides with the $56 horizontal resistance area.
Cryptoknight890, a popular cryptocurrency trader on X, offers a similar goal.
Although this is a high BSV price prediction, a daily close below $40 delegitimizes the breakout.
If so, a 20% drop to the support line at $34 is likely.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
