- Bitcoin SV flies the bullish flag above the cryptocurrency landscape, testing $200 hurdle.
- BSV/USD seeks support above the 50-day SMA after rejection at $200.
Bitcoin SV is among the biggest double-digit gainers in the last 24 hours. It is essential to note that not many cryptoassets are in the green at the time of writing. Therefore, the more than 20% in gains accrued by Bitcoin Cash is very impressive. This not to mention the progress made from March lows around 83.
On the upside, recovery has not been able to overcome the resistance at the 38.2% Fibonacci retracement level taken between the last swing high of $457 to the swing low at $76.23. However, the progress made in the last 24 hours shows that buyers are in control, besides they have eyes on $200 (the 200-day SMA).
In the meantime, XRP is trading at $188 amid a building bearish trend. The immediate downside is supported by the 50-day SMA. The RSI in the same daily range puts emphasis on the growing bearish grip. Moreover, the MACD is falling short of the midline following a recovery from -6.99.
For now, the path of least resistance is downwards as shown by the MACD and the RSI. Gains above $200 (200-day SMA) would give the bulls an opportunity to shift the focus back to $250 and $300 respectively. On the flip side, is losses progress expect support at the 50-day SMA, $150 and $100.
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