The Bitcoin SV price has risen more than 15% in what is believed to be the influential whale pump.

BSV / USD jumped from $ 288.7 to as high as $ 343.5 in just four hours. The couple's move became difficult after days of price action going sideways and a 300% hilarious jump earlier, suggesting Bitcoin SV is starting a race towards its annual peak on about $ 458.

Bitcoin SV increases exponentially to break out of its flag range | Source: TradingView

The jump has come even when the rest of the market is going through a period of correction after a long uptrend. For example, Bitcoin went sideway while Ethereum increased modestly by 2%. XRP has dropped by more than 1% on the 24h time frame.

Bitcoin SV's profit also followed a push from Wikipedia founder Jimmy Wales about the relevance of the blockchain project to the portal.

Wales, who will join Bitcoin SV and the team at the London CoinGeek conference as a keynote speaker, has been caught up in rumors saying he supports Craig Wright, the founder of Bitcoin SV, who claims to be the creator. Bitcoin out. However, in a tweet published on Friday, Wales rejected this claim.

“Your marketing materials need to be updated right away – because people seem to be reading this as a testimonial from me. I will speak up my mind, including the BSV who provided nothing to Wikipedia and no chance for us to use it. ”

The BSV cow clearly ignored the warnings issued by the founder of Wikipedia. Just twelve hours from the time Wales tweeted, the BSV price soared.

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Bitcoin SV price analysis

The latest jump of BSV is seeking to confirm the flag pattern.

Bitcoin SV 2

BSV Flag is about to be confirmed | Source: TradingView

Bitcoin SV is exiting the red triangle range, which is accompanied by a sharp increase in volume, which confirms the breakout right now. That said, BSV can continue to raise its price at least towards the highest of $ 458 – and beyond.

For daily traders, those who prefer low risk can open a long position at $ 353 while maintaining the stop loss level just below the support level of $ 332. Meanwhile, those who are not convinced with the step Bitcoin SV's sudden jump could enter a short position towards $ 284, a Fibonacci level coinciding with the 50-day moving average (black).

Current Bitcoin SV price. Source: Coinmarketcap

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie

Bitcoin Magazine

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