Tanya Abrosimova
Independent Analyst
- BCH/USD settles safely above $300.00.
- Bitcoin SV delisting news drives BCH demand.
Bitcoin Cash (BCH) has been growing strongly since the end of Sunday and . The fourth largest digital asset topped at $335 on Monday and retraced to $312 by the time of writing. BCH/USD is now 4% higher than this time on Monday. Moreover, it is the only coin in green out of top-20.
What’s going on?
Bitcoin Cash appears to be the biggest winner of Bitcoin SV’s woes As the cryptocurrency supported by Craig Write is delisted from Binance, ShapeShift and, potentially Kraken, many traders are hastily dumping their BSV coins and buy BCH.
Moreover, the report published by BitMEX research department revealed that the aggregate losses of Bitcoin SV miners amounted to $2.2 million, while the coin’s mining profitability was -12%. The experts based their calculations on the amount of mined coins. their current value and the minimal cost of electricity. Other expenses were not taken into account.
Bitcoin Cash technical picture
BCH/USD is supported by psychological $300.00 closely followed by a combination of SMA50 and SMA100 (1-hour). Once this barrier is cleared, the sell-off may be extended towards $270 created by SMA100, 4-hour. The intraday Relative Strength Index is neutral which means that the coin is likely to enter a consolidation stage at current levels.
Meanwhile, on the upside, the first barrier is created by $324, strengthened by the intraday high. It is followed by $335 handle (Monday’s high); however, the ultimate resistance comes at $350. Strengthened by the recent high $352, it is likely to stop the recovery for the time being.
BCH/USD, 4-hour chart
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
Lido DAO announces new phase on Ethereum with Simple DVT module
Lido DAO voted on the deployment of the Simple DVT module nearly six months ago, it is ready for mainnet as of April 17. Simple DVT helps to make Lido’s technology accessible to more users. LDO price is down nearly 3% in the past day.
New altcoins crash and burn, but this altcoin shows strength Premium
Binance Coin price shows a bullish pennant continuation pattern. BNB could range between the $600 to $526 levels until the skies clear out for Bitcoin. The altcoin could see a massive gain with the upcoming BEP-336 upgrade.
Cronos price fails to recover despite network upgrade
Cronos (CRO) is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem. A mainnet upgrade was completed early on Wednesday and the asset’s price declined nearly 2% in the past 24 hours.
XRP tests $0.50 resistance after Ripple CLO says pretrial conference with SEC did not take place
XRP is stuck below $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.