Bitcoin SV (BSV) Surges 17%, Extending November Gains and Aiming for a Yearly High

Key Takeaways

• The price is likely in its third sub-wave of the next five-wave impulse.
• The breakout from the symmetrical triangle signaled renewed bullish momentum above $60.
• Momentum is strong but may result in a brief correction.

Bitcoin SV (BSV) has shown a strong recovery, breaking out of a prolonged consolidation phase.

Bullish momentum continued since Nov. 4, with the price spiking by 17%, which confirmed the bullish outlook.

BVS Price Analysis

The daily chart for Bitcoin SV (BSV) illustrates a significant breakout from a prolonged corrective structure.

Following a low of $18.43 in June 2023, BSV formed a rounded bottom pattern, which served as a strong accumulation zone. This upward movement culminated in a five-wave impulse that peaked near $126 in March.

Subsequently, a corrective ABC pattern unfolded, with BSV retracing to $32 in July, aligning with the 0.618 Fibonacci retracement levels and slightly dipping below them.

The price consolidated within a symmetrical triangle from July to November 2024 before breaking out to the upside. This breakout confirms renewed bullish momentum, with the price now hovering around $75, spiking by 17% today. 

The Relative Strength Index (RSI) has moved into bullish territory but is nearing overbought levels, suggesting caution for a potential short-term retracement. Key resistance levels from the impulsive wave high remain ahead, which will be critical in determining if the uptrend can sustain its momentum.

Key Observations

1. Rounded Bottom Formation: The accumulation phase near $20 provided a solid base for reversal.
2. Symmetrical Triangle Breakout: The breakout above $60 signals renewed bullish momentum.
3. RSI Near Overbought: Momentum is strong but may lead to a short-term correction.

BSB Price Prediction 

The 4-hour chart for Bitcoin SV (BSV) illustrates a bullish breakout from its prolonged consolidation phase after forming a strong base near $43 in July 2024.

The current impulsive structure suggests the development of wave (iii) in a higher-degree five-wave Elliott cycle, with the price climbing past $75.

This rally aligns with the breakout from the symmetrical triangle and has been fueled by increasing bullish momentum.

Wave (iii) is approaching the 1.272 Fibonacci extension level at $91, a potential short-term resistance. However, the momentum remains strong, and further upside to the 1.618 Fibonacci extension at $112 is possible before a corrective wave (iv).

The RSI is nearing overbought conditions, which could signal a brief pullback or consolidation before the next leg upward, as wave (v) could reach $140. 

Key Levels to Watch

Immediate Support Levels:

• $68.88: (0.786 Fibonacci level).
• $62.39: (0.618 Fibonacci level).
• $58.20: (0.5 Fibonacci level and previous high level).

Upside Resistance Levels:

• $91.73: (1.272 Fibonacci extension).
• $112.49: (1.618 Fibonacci extension, likely the peak of wave (iii)).
• $140.90: (2.0 Fibonacci extension, wave (v) target).

A breakout above $91 would confirm wave (iii)’s continuation to higher Fibonacci levels.

At the same time, a failure to hold above $68 could lead to a retest of the $62-$58 zone before further bullish momentum resumes.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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