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Bitcoin Cash /Bitcoin SV Price Analysis: Breakout surge shatters multiple resistance levels

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Bitcoin Cash [BCH] and Bitcoin SV [BSV Price Analysis: Break-out surge shatters multiple resistance levels
Source: Pixabay

The collective market’s green wave saw major coin breakout of their sluggish movement, with Bitcoin Cash [BCH] firmly leading the charge. The four-month-old Bitcoin Cash hard fork, Bitcoin SV [BSV], also recorded significant gains as the market added $6 billion overnight.

Bitcoin Cash [BCH]

1-hour

Source: Trading View

The sixth largest cryptocurrency in the market was the only double-digit gainer in the market, recording a whopping 18.23 percent rise, at its peak. The rise followed two successive uptrends, the first of which pushed the coin from $128.33 to $133.36, and the second from $129.94 to $156.71. The coin’s market cap stood at $2.72 billion, at press time.

Bitcoin Cash broke two support levels, the first at $133.54, and the second at $143.72, with a third forming around $156. The coin’s immediate support level moved up from $128.63 to $141.48, following the rise.

The Bollinger Bands pointed to a massive increase in volatility as the price shot up rapidly. The Moving Average line indicated a bullish market.

The Chaikin Money Flow tool pointed to positive money inflow, but dropped as the CMF line was just hovering above zero.

The Awesome Oscillator indicated massive increase in short-term momentum, but since the concluding bars were red, bearish activity was in the offing, owing to market correction forces.

1-day

Source: Trading View

Bitcoin Cash was switching from uptrends to downtrends, since the hard fork. The latest series saw a downtrend from $152.88 to $129.13, prior to the rise. The coin saw its first uptrend since late February on 15 March, which pushed the coin’s price from $131.39 to $156.64.

The immediate support level of the coin stood at $122.24, which the coin was trading below in early February. Bitcoin Cash broke its long-term resistance, which stood at $153.26.

The Parabolic SAR switched from the bears to the bulls as the dotted lines moved below the coin’s trend line.

The Relative Strength Index showed a massive increase in investor interest as the RSI moved up from 47.16 to 69.20.

The MACD indicated a bullish takeover as the MACD line moved above the Signal line, following the surge.

Bitcoin SV [BSV]:

1-hour

Source: Trading View

Satoshi’s Vision surged forward in three successive uptrends as the market was blessed by the bulls. The first uptrend saw the price rise from $66.41 to $68.22, the next pushed the coin up from $67.35 to $69.03, and the final one from $69.02 to $71.89. Bitcoin SV was valued at $1.21 billion, at press time.

Bitcoin SV found immediate support at $66.16; the previous support level stood at $65.24. The coins immediate resistance level, which stood at $68.22, was broken and a new one had formed at $71.86.

The Bollinger Bands indicated a significant increase in the coin’s volatility as the price shot up. The Moving Average line indicated a bullish market, but was looking to move into the bearish zone.

The Chaikin Money Flow tool pointed to negative money inflow as the CMF line dipped below 0.

The Awesome Oscillator indicated a bump in short-term momentum, but since the concluding bars are red, bearish activity was predicted due to market correction forces.

1-day:

Source: Trading View

Bitcoin SV was reeling from a downtrend which pulled down the price from $67.94 to $75.58. The one-day chart showed three successive green candlesticks, indicating an uptrend which began at $66.86.

The coin found immediate support at $61.27, which the coin last touched in the beginning of February. Bitcoin SV’s immediate resistance level was at $75.59.

The Parabolic SAR pointed to a bearish market as the dotted lines moved below the coin’s trend line.

The MACD indicated a bullish move as the MACD line moved above the Signal line during the surge.

The Relative Strength Index showed a notable increase in investor interest as the RSI moved up from 42.98, to its current position of 53.48.



Conclusion

Bitcoin Cash and Bitcoin SV saw massive surges in their respective price, owing to the collective market upheaval. However, short term indicators pointed to imminent corrections which will bring the coin’s down from their temporary high. Bitcoin Cash’s long term indicators pointed to a positive market, as investor interest was high and the MACD line was ahead. Bitcoin SV price sustainability did not look promising in the long-run, as the Parabolic SAR was still holding firm above the coin’s trend line.





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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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