Is It Too Late to Buy Bitcoin SV? BSV Price Rallies 20% as Crypto Casino Project Secures $1.1 Million – How to Buy Early?
In the midst of a huge blunder by CoinTelegraph, Bitcoin SV (BSV) has shot-up +20% in a dramatic break above the 200DMA, but as a golden cross emerges – is it too late to buy Bitcoin SV?
The substantial upside move was triggered by a false report from CoinTelegraph, which mistakenly suggested the Blackrock Bitcoin spot ETF had been green-lighted.
the guy who first wrote the message that cointelegraph picked up on shares his story: pic.twitter.com/DbZwGLpbIh— Tim Copeland (@Timccopeland) October 17, 2023
Crypto markets were catalysed in seconds, with Bitcoin leading the pack hammering-up above $28,000.
But while Bitcoin quickly retraced the false gains, Bitcoin SV has defied a sell-off to continue printing higher – as the appetite for Bitcoin-linked projects grows.
BSV Price Analysis: Is it Too Late to Buy Bitcoin SV After CoinTelegraph Fake Pump
As price pushes high into the trading channel, Bitcoin SV is currently trading at a market price of $39.43 (representing a 24-hour change of +0.95%).
The +20% move comes as price smashes above the converged 20DMA and 200DMA, in a stunning move backed with technical strength from an emergent golden cross pattern on October 15.
With the leading Bitcoin hard-fork now pushing up for a third consecutive day, price action is now targeting upper trendline resistance in what could become a channel break-out move.
But investors should exercise caution here, as the RSI indicator appears to have heated-up significantly on the recent move – with the indicator showcasing major bearish overbought divergence at 68.30.
Meanwhile, the MACD reflects the bullish sentiment unlocked by the golden cross of moving averages, with the indicator reading at 0.32.
Overall, Bitcoin SV looks very strong here – with a period of consolidation at this level likely to be anticipated until the RSI cools down.
This leaves BSV with an upside target representing a clean break above the upper trendline at $44 (a potential +11.6%).
While downside risk here could see BSV return to converged moving average support at $34.25 (a potential -13.25%).
Bitcoin SV therefore has a risk: reward ratio of 0.87 – an entry overshadowed by downside risk, awaiting consolidation.
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