Bitcoin SV Price Defies Overbought Conditions and Rises 12% to $0$40

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

While major cryptocurrencies such as bitcoin (btc) and ethereum (eth) reeled on Monday after breaking out due to the approval of Ether futures, bitcoin SV stabilized the bullish trend. According to CoinMarketCap, BSV rose 12% to trade at $40.33 on Tuesday during the European session.

Growing interest in the token has seen trading volume increase by more than 212% to $228 million, while the market is up 12% to $777 million. BSV has regained its position in the top 50, ranking 46th among other cryptocurrencies.

bitcoin SV Price Breaks Above $40, Can Bulls Reach $70?

The price of bitcoin SV currently remains above $40 following a small correction from the highs seen last August at $43. The daily chart shows a symmetrical triangle pattern formation after BSV reached a high of $54 in July, followed by a significant pullback to $27.

This symmetrical pattern allowed bitcoin SV to consolidate and prepare for the breakout in September. Although initial buy orders should have been placed after BSV broke above the triangle resistance and in particular the resistance posed by the 50-day exponential moving average (red), the current technical picture seems vital for a most significant breakup.

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

A subsequent break above the immediate support at $43 would pave the way for a breakout that could complete the triangle’s breakout objective: 155% above the trend line at $67.

According to the Relative Strength Index (RSI), the current overbought conditions could culminate in a reversal. The RSI remains above 80, slightly above its July high of 77.61, which preceded the downtrend of July and August.

That said, it might be wise to watch for RSI rejection from the overbought region to time the reversal and avoid the bullish trap carefully.

bitcoin SV maintains the bullish outlook on shorter time frames such as the four-hour chart. The Directional Movement Index (DMI) reinforces bullish control, with the +DI remaining 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 example, the +DI (blue) falls while the -DI rises.

As seen above, the $40 support is critical for the continuation of the uptrend. With the expected break above the $43 resistance, bitcoin SV would be on its way to highs above $50 and eventually reach the 115% triangle target of $67.

crypto analysts such as InvestingScope, who publishes content on Tradingview, believe that the usual pullback after a massive rise towards overbought may not occur, as the weekly MACD has just sent a buy signal, in addition to holding above the neutral level (0.000).

“This suggests that the upside potential is great in the event of a breakout. Aim for the R1 level (TP=56.450) which is the strongest resistance currently as that is where the 1W MA100 is heading.”

Alternative to buy bitcoin SV – bitcoin Minetrix

Investors in the cryptocurrency market know very well that they should not put all their eggs in one basket. Therefore, portfolio diversification is the least an investor can do to minimize risk.

One way to manage risk is to look for crypto projects with immense potential and buy them during their pre-sale stages.

That said, bitcoin Minetrix (BTCMTX) is a revolutionary platform that already tokenizes cloud mining, allowing everyday investors to mine bitcoin (btc) in a decentralized yet secure manner.

With bitcoin Minetrix, investors forget about the problems associated with third-party cloud mining scams. This means that investors have complete control over the entire process by following a simple staking process (BTCMTX) to obtain credits that are used to mine btc. Cloud mining ensures that investors do not need expensive equipment to mine btc.

#BTCMTX provides a reliable cloud mining solution that caters to everyone crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto amateur.

Past fears of expensive hardware and cloud mining scams deterred many from entering.

This decentralized approach ensures a mining expedition that is transparent and secure. pic.twitter.com/hk2reUiJ7x

—Bitcoinminetrix (@bitcoinminetrix) October 2, 2023

The mining process begins when investors purchase BTCMTX tokens in the ongoing pre-sale using a self-custody wallet like MetaMask. These tokens are then staked in a smart contract to earn non-tradable ERC-20 token credits, which are then burned for btc cloud mining power.

Investors have funneled $373,000 into the BTCMTX pre-sale in two weeks. There is still an investment window, where you can buy 1 BTCMTX token for $0.011, as the team hopes to raise $3 million to fully launch the project.

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