Bitcoin SV on Friday totaled its bullish rally to 32.5 percent while the rest of the crypto market remained red.
The highest intraday BSV/USD rate on BitFinex today was noted at 114-fiat. At the same time, Bitcoin SV’s ideological rival Bitcoin Cash continued its crash cycle after dropping another 15% on its real-time 24-hour timeline. Other coins, including the world’s largest cryptocurrency Bitcoin, also remained inside a negative territory owing to their respective fundamental and technical reasons.
The early Christmas in the Bitcoin SV market, however, should not be taken a sign of a full-fledged breakout. It should be noted that its rally has coincided with BTC.com’s announcement of adding replay protection support. It has enabled users to claim their BSV tokens without being exposed to a replay attack scenario. Other wallet services are also close to launching protection plans to assist users in extracting their BSV units.
BSV tokens are essentially free to traders who held onto their Bitcoin Cash before and after the fork. As they claim them, they are likely to either hold or transfer them to exchanges that offer BSV trading. For good or worse, the scenario could allow BSV to rise ahead of its competing coins, for the latter is undergoing a heavy bearish correction since the beginning of this year. Therefore, the surge we are witnessing in the Bitcoin SV market as of now should sustain unless Bitcoin locates its – temporary or permanent – bottom and rebounds for good this time.
Technically, the BSV/USD is bullish without a doubt. The pair is setting fresh intraday long targets at 123.74-fiat, the level it tested twice this month before correcting lower. There is a mild resistance area located near the 113-114-fiat range, which also makes the horizontal trendline of the near-term ascending triangle. Though it does not have a strong historical significance, the resistance area could signal a potential breakout position towards 123.74-fiat, if broken to the upside.
Meanwhile, the RSI momentum indicator on a 4H BSV/USD chart signals a potential downside correction. It means that the triangle resistance will likely reject the bulls and send the price back towards the second trendline connecting a series of troughs. A breakdown of the second trendline would put the downside target towards 74.38-fiat, the support from November 15, the day Bitcoin Cash fork conceived the Bitcoin SV blockchain.
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Featured Image from Shutterstock. Charts from TradingView