- Bitcoin SV has become the best performing cryptocurrency on Friday
- The downside correction may speed up as the FOMP is fading away.
Bitcoin SV (stands for Satoshi's Vision) has received another boost on Thursday. The cryptocurrency jumped from $190.00 to $220.00 in a matter of three hours after the Financial Times published a story on SegWit and Bitcoin transaction fees and cited Craig Wright on the issue.
"Bitcoin is not anonymous and cannot be anonymous. There are people in Core who want to create a system that does not maintain logs. Hence SegWit," Wright said in the interview with Izabella Kaminska from FT's Alphaville.
The development caused massive FOMO and Bitcoin SV buying; however, the speculative agitation seems to be fading away now. BSV/USD is changing hands at 203.00 at the time of writing. The coin is still 7% higher on a day-on-day basis, though it has lost about 5% of its value since the beginning of Friday.
Looking technically, the initial support is created by the psychological $200.00. It is closely followed by 1-hour SMA50 (Simple Moving Average) at $198.50 and SMA200 1-hour and SMA50 4-hour at $194.70. A sustainable move below this handle will open up the way towards the next bearish aim of $138 (SMA200, 4-hour).
On the upside, we will need to see a recovery towards Thursday's high of $220. Once it is cleared, the upside is likely to gain traction with the next focus on $254 (May 30 high) and $300.
BSV/USD, 4-hour chart
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