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Bitcoin Cash (BCH) and Bitcoin SV (BSV) go to the stratosphere, and it's not the end

  • BCH continues to defy gravity with 32% gains, BSV follows suit.
  • BCH trades above SMA200 (4-hour) for the first time after the fork.

Bitcoin Cash (BCH) and its blood brother Bitcoin CV defy gravity today. Both coins are the market leaders gaining 32% and 21% respectively since this time on Thursday. It is worth noting that at this stage prices are retracing from intraday highs, which might mean that the pump is over for the time being.

There are no fundamental reasons readily available to explain the stellar growth. Both coins are vulnerable to price manipulations and emotional trading, which makes them highly volatile and unpredictable. Bitcoin Cash (also known as Bitcoin Cash ABC) has returned to the fourth place in global cryptocurrency rating with a market value of $3.7B and an average daily trading volume nearly $2B. It is an exponential growth from less than $100M at the beginning of the week. Bitcoin SV ranks as the 7th biggest coin with a market value of $2.1B and trading volume of $630M. 

BCH/USD, the technical picture

BCH/USD gained over 200% since the beginning of the week amid improved sentiments on the cryptocurrency market. On an intraday basis, the coin managed to settle above SMA200 (4-hour) for the first time since the hard fork. The Relative Strength Index stays on the overbought territory, though there are no apparent signs of reversal as of yet. It means that BCH has upside potential and may retest the intraday high as long as SMA200 currently at $166.5 remains unbroken. Once below, the sell-off may continue towards the next aim at $150.00 and $110-$100 area guarded by a confluence of SMA50 and SMA100 (4-hour).

BCH/USD, 4-hour

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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