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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin regains safe-haven status, moves in sync with gold amid coronavirus scare

Bitcoin (BTC) resumed the upside after a short-lived consolidation period. The first digital currency has gained over 3% of its value in recent 24 hours to trade at $8,620 at the time of writing.

More Bitcoin News

Bitcoin Gold jumped by 30% amid the news of 51% attack

Bitcoin Gold (BTG), now the 35th digital asset with the market value of $200 million, has gained over 14% in the recent 24 hours to trade at $11.82 at the time of writing. 

More Bitcoin Gold News

Ethereum Classic defies gravity with 17% growth

Ethereum Classic, the 11th largest digital asset with the current market capitalization of $1.18 billion, has gained over 14% in the recent 24 hours to trade at $10.17, off the intraday high hit at $10.32. ETC/USD is one of the best-performing assets.

More Ethereum Classic News

Ripple's report reveals a real use case for XRP and other mathor cryptocurrencies

Ripple's XRP, the third-largest digital asset with the current market value of $10 billion, is changing hands at $0.2284, down from the intraday high of $0.2334. XRP/USD has gained over 3.5% in recent 24 hours in line with the global sentiments improvement.

More Ripple News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast