Tanya Abrosimova
Independent Analyst
- 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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?