- Bitcoin SV shoots above $300 leading the altcoins in recovery.
- Growth above $350 will not come easy but it can start by defending $300 support.
Bitcoin SV is flying the bullish flag high on Tuesday following an acute retreat from the highs posted at $384. The losses have confirmed the support at $250 twice in two months. The initial rise to $460 in January explored the rabbit hole but bounced upwards at $250. Losses on Monday also took refuge at $250 allowing the ongoing action above $300.
At the time of writing, Bitcoin SV is trading at $315. It is apparent the bullish action on the day is taking a breather. However, BSV buyers are intentional in pushing to higher levels above $350 as well as $400.
The downside is supported initially by the buyers congested at $300. The 50 SMA at $250 will also offer support in the event losses extend under $300. If push comes to shove and the bears take over, the 200SMA at $150 will stand guard to ensure the exploration does not slide towards $100.
Applied technical indicators such as the RSI suggests that the path of least resistance is sideways. Besides, the MCAD is in the positive region but the bearish divergence shows selling activity cannot be ignored. However, if the support at $300 is defended, the bulls will have enough time to gather the strength for another run-up above $350.
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