Bitcoin SV Price Defies Overbought Conditions, Up 12% T0 $40

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Bitcoin SV (BSV) price has outperformed other cryptos since early September amid a triangle-triggered breakout. The hype surrounding exchange-traded funds (ETFs) has had a noticeable positive impact on BSV, surging by 37% to highs above $40 in October alone.

While major cryptos like Bitcoin (BTC) and Ethereum (ETH) wobbled on Monday after breaking out due to the approval of Ether futures, Bitcoin SV steadied the uptrend. According to CoinMarketCap, BSV is up 12% to teeter at $40.33 on Tuesday during the European session.

The growing interest in the token has seen the trading volume spike by more than 212% to $228 million, while the market is up 12% to $777 million. BSV has reclaimed its position in the top 50, ranking #46 among other cryptos.

Bitcoin SV price prediction — BSV price chart | CoinMarketCap

Bitcoin SV Price Tops $40, Can Bulls Push To $70?

Bitcoin SV price currently holds above $40 following a minor correction from highs seen last in August at $43. The daily chart shows a symmetrical triangle pattern formation after BSV peaked at $54 in July, followed by a significant retracement to $27.

This symmetrical pattern allowed Bitcoin SV to consolidate and get ready for the breakout in September. Although initial buy orders should have been placed after BSV stepped above the triangle resistance and particularly above the resistance posed by the 50-day Exponential Moving Average (EMA) (red), the current technical picture seems vital for a more significant breakout.

Bitcoin SV holds above most bullish indicators in the short-term, with the 100-day EMA (blue) and the 200-day EMA (purple) in line to offer support. However, to be safe, bulls must uphold higher support at $40 to encourage already sidelined investors to join the uptrend without worrying about sudden corrections.

A subsequent breakout above the immediate support at $43 would pave the way for a breakout that could complete the triangle breakout target – 155% above the trendline to $67.

Based on the Relative Strength Index (RSI), the currently overbought conditions might culminate in a reversal. The RSI holds above 80, slightly higher than its July high of 77.61, which preceded the downtrend in July and August.

That said, it might be prudent to keenly watch out for the RSI’s rejection from the overbought region to time the reversal to avoid the bull trap carefully.

Bitcoin SV upholds the bullish outlook in shorter timeframes such as the four-hour chart. The Directional Movement Index (DMI) reinforces the bullish grip, with the +DI holding significantly above the -DI.

This indicator measures the direction and strength of the trend. A trend reversal would be imminent as soon as the direction of the index reverses. For instance, the +DI (blue) drops while the -DI rises.

As seen earlier, support at $40 is critical for the uptrend’s continuation. With the expected breakout above the $43 resistance, Bitcoin SV would be on the way to highs above $50 and eventually achieve the triangle’s 115% target of $67.

Crypto analysts like InvestingScope, who posts content on Tradingview, believe that the usual pullback after a massive climb into the overbought may not take place since the weekly MACD has just sent out a buy signal in addition to holding above the neutral level (0.000).

“This suggests that the upside potential is big in case of a breakout. Target the R1 level (TP = 56.450), which is the strongest Resistance currently as it is where the 1W MA100 is headed.”

Bitcoin SV Alternative To Buy – Bitcoin Minetrix

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— Bitcoinminetrix (@bitcoinminetrix) October 2, 2023

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