Bitcoin SV is a rose among the thorns as it seems able to withstand major losses in the crypto market to spark and upside break from consolidation. Price was previously stuck inside a descending triangle pattern and the break higher suggests that further rallies are due.
However, the price is hitting resistance at the 115.00 area and might be due for a correction before it climbs any higher. Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level is closest to the broken triangle top that might now hold as support. Price is currently testing the 38.2% Fib that might be enough to keep losses at bay.
The 100 SMA is attempting to cross above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse. The moving averages are also close to the broken triangle top to add another layer of support. If any of these levels hold, the price could revisit the swing high or move higher.
Note that the chart pattern spans $86.71 to $120 so the resulting uptrend could be of the same height. RSI is turning lower, though, indicating that buyers are taking a break and letting sellers take over. Stochastic is also pointing down after recently hitting the overbought region, indicating that selling pressure is about to return.
Bitcoin SV has overtaken Bitcoin Cash in the top fifth spot of cryptocurrency rankings by market cap. This ‘flippening’ could provide more upside momentum for Bitcoin SV as it has managed to be the only digital asset in the green while the rest of its rivals are suffering double-digit losses for the week.
Looking ahead, the mining war with Bitcoin ABC could continue to keep uncertainty in play but a display of dominance might draw more buyers to this particular version.
Images courtesy of TradingView
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