- Bitcoin SV recovery stalls at $262 but the bulls focus on defending support at $250.
- BSV/USD accumulation above $250 is likely to culminate in another surge towards the key $300 level.
Bitcoin SV is flying the bullish flag pattern high above the cryptocurrency landscape. The recovery was in tandem with Bitcoin (BTC) surge towards $9,000 on Monday. However, while Bitcoin succumbed to a correction, BSV has been able to consolidate the gains above $250.
At the time of writing, BSV is doddering at $252 amid a growing bearish grip. The upside is capped under $260 ahead of the resistance at the 50% Fibonacci level, of the last swing high at $460.667 to a swing low of $77.203. More resistance is anticipated at the 50-day SMA currently holding the ground at $293.022.
From a technical perspective, Bitcoin SV is bound to take on a sideways trend in the coming sessions. Indicators such as the RSI is horizontal at 50 after pulling upwards from lower levels around 30. The MACD is stuck in the negative territory, unable to correct the bearish divergence. However, the Elliot Wave Oscillator is recording its second consecutive bullish session this week, suggesting that the bulls are relatively in control.
On the flip side, support is expected to stay put at $250. Nevertheless, if losses for Bitcoin SV push lower, the 38.2% Fibonacci level, and the primary support at $200 will come to the rescue of the bulls.
BSV/USD daily chart
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