Bitcoin SV Rallies 20%: Here Is Why It Could Surge Further
Bitcoin SV price rallied more than 20% recently and climbed towards the $200.00 resistance. BSV is currently trading with a strong bullish bias and it could even surge above $200.00 and $205.00.
Bitcoin SV price is up more than $100.00 this month and doubled in the value against the US Dollar.
The price is currently up more than 20% and it tagged the $200.00 resistance.
There was a break above a major contracting triangle near $165.00 on the 4-hours chart of the BSV/USD pair (data feed from Kraken).
It seems like the bulls are aiming an upside break above $200.00 and $205.00 in the near term.
Bitcoin SV Could Continue To Rise
This month, bitcoin SV price started a nasty uptrend from the $95.00 support base against the US Dollar. BSV gathered momentum above the $120.00 and $150.00 resistance levels.
Furthermore, it settled above the $150.00 level and the 100 simple moving average (4-hours). Later, there was a consolidation phase above the $150.00 level. Finally, the bulls were able to push the price above the $160.00 and $170.00 levels.
More importantly, there was a break above a major contracting triangle near $165.00 on the 4-hours chart of the BSV/USD pair. It opened the doors for more gains and bitcoin SV price rallied towards the $200.00 level.
Bitcoin SV Price
A new 2020 high is formed near $200.07 and the price is currently showing a lot of positive signs. It seems like there are high chances of more upsides above the $200.00 and $205.00 resistance levels.
The next major resistance is near the $220.00 level, above which the bulls are likely to aim a test of the $250.00 barrier in the coming days.
Downside Correction in BSV?
If there is a downside correction, an initial support is near the $188.00 level. Besides, the 23.6% Fib retracement level of the recent rally from the $147.26 low to $200.07 high is also near $188.00 level.
The main support on the downside is near the $175.00 area (the recent breakout zone). Additionally, the 50% Fib retracement level of the recent rally from the $147.26 low to $200.07 high is near $173.65.
Therefore, dips in bitcoin SV towards the $180.00 and $175.00 levels are likely to find buyers in the near term.
Hourly MACD – The MACD for BSV/USD is currently gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 70 level and still rising.
Key Support Levels – $188.00 and $175.00.
Key Resistance Levels – $200.00 and $220.00. The post appeared first on NewsBTC.