Bitcoin SV Ends Above 40 Dollars, Reaching a 100-Day Peak – Will the Rally Continue?

Over the past four days, Bitcoin SV (BSV) has demonstrated a significant surge, achieving a fresh 100-day high in the most recent trading session. This remarkable rally was accompanied by a crucial development as BSV breached the long-standing $40 horizontal resistance, which had remained steadfast since July.

Bitcoin SV Ends Above 40 Dollars, Reaching a 100-Day Peak – Will the Rally Continue?

BSV’s journey from a low of $15.70 in June has been characterized by its consistent upward movement, closely following an ascending support trendline. The validity of this trendline has been reaffirmed on multiple occasions, with the most recent confirmation occurring on October 9.

During its ascent along the support trendline, BSV had been constrained beneath the $40 horizontal resistance zone. The combination of this horizontal barrier and the supporting trendline forms an ascending triangle pattern, a generally bullish technical formation.

Adding to the intrigue, it’s worth noting that the cryptocurrency is scheduled to be listed on the Bitrue exchange, further enhancing its visibility in the market. On October 16, the altcoin witnessed a substantial acceleration in its upward trajectory, culminating in a 100-day high of $43.50 in the most recent session. This surge also marked a decisive breakout from the $40 resistance level.

While BSV has not yet managed to achieve a daily close above this significant resistance, it currently trades comfortably beyond it, keeping the momentum of this impressive rally intact.

Can Bitcoin SV (BSV) Reach the 50 Dollars Mark? Price Forecast

A deeper analysis of the price movement and the Relative Strength Index (RSI) signals affirms the ongoing breakout and price increase.

Traders frequently turn to the RSI as a momentum indicator to gauge whether a market is in an overbought or oversold condition, aiding in their decisions to buy or sell an asset.

When the RSI reading climbs above 50 in the midst of an ascending trend, it indicates that the bulls are in a favorable position. Conversely, if the reading falls below 50, it suggests the opposite.

Currently, the RSI stands above 50 and is on an upward trajectory, both regarded as indicators of a bullish trend. It’s essential to note, though, that the indicator has also entered overbought territory (indicated by the white icon), a sign often associated with potential local tops.