The Bitcoin SV (BSV) price broke out from a descending resistance trendline and increased by 20% on October 2.
Despite the breakout, the price still trades well below the long-term horizontal resistance at $50.
Bitcoin SV Increases by 20%
The BSV price has fallen under a descending resistance trendline since July 1.
The decrease led to a low of $25 on August 17. BSV bounced afterwards, creating a long lower wick (green icon). The price has been increasing since.
On September 13, the price broke out from the descending resistance trendline. After a period of consolidation, it accelerated its rate of increase on October 2, increasing by 20%.
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The next day, BSV reached a high of $43.34 before falling (red icon). The rejection validated the $40 area as resistance.
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Author: Valdrin Tahiri
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