- BSV has broken a weekly resistance zone.
- If it can stay above $102 this week, a move toward $150 would become more likely.
Bitcoin SV [BSV] has recorded excellent gains over the past week. It traded at $44 on 11th December and rallied to $108 on 29th December. This move measured 145.8%. On top of that, a weekly resistance zone was also broken.
AMBCrypto noticed a slight drop in the Open Interest on BSV contracts in the past few days. This meant that the bullish sentiment had weakened slightly. Could this see a larger retracement?
The $100 level was not just a psychological resistance
The one-day chart above noted that the market structure of BSV was firmly bullish. The RSI was well above 70, reflecting the momentum’s strength over the past week. The OBV also took a huge leap upward to underline the buying pressure.
The area from $91.5 to $102.1 was highlighted in red as it is a bearish order block on the weekly timeframe. Moreover, the $100 is also psychologically important. Therefore the move to $108 is significant.
If the bulls can defend the $100 level and push prices back above $108, it would suggest that the next move higher has started. The 23.6% Fibonacci extension level at $123 and the 61.8% level at $147 are the next targets.
The Open Interest decline could be a warning sign
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Author: Akashnath S
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