Despite the uncertainty in the market, this technical analysis will try to determine what the future holds for some of the top Bitcoin hard forks, including Bitcoin Cash, Bitcoin SV, and Bitcoin Gold.Bitcoin Cash.
After reaching a yearly high of $518 on June 22, Bitcoin Cash retraced over 50 percent, dropping to $255 on July 15.
To the upside, if volume starts picking up and Bitcoin Cash is able to break above the 38.2 percent Fibonacci retracement level, it could try to test the resistance given by the 23.6 and 18.16 percent Fibonacci retracement levels.
Before taking a stance on the direction in which Bitcoin Cash will breakout, it will be worth taking a look at the 4-hour chart.
Bitcoin SV. At the beginning of July, Bitcoin SV plummeted 48 percent following the breach of the support given by the 50-day moving average since mid-May. As the plunge unraveled, the 150-day moving average was able to contain the price of BSV from a further decline and allowed it to rebound to the 50-day moving average.
Based on the 12-hour chart, it seems like Bitcoin SV could actually test the 50-day moving average since a bull flag appears to be developing.
On the 3-day chart, after failing to break above the $31.5 resistance level Bitcoin Gold has dropped down to the $18 support level.
Based on historical data, the $18 support level will likely hold and serve as a rebound point taking the price of Bitcoin Gold to test the different levels of resistance ahead, such as the $21.8 and $25.8.
Even though Bitcoin Cash is forming a bear pennant that is targeting a 34 percent decline, a move above $326 could change the bearish outlook and take it back into the bullish side.
Different technical patterns in Bitcoin SV and Bitcoin Gold appear to be signaling that they will potentially resume their upward trend soon.
Bitcoin fork technical analysis: Bitcoin Cash, Bitcoin SV, and Bitcoin Gold
Veröffentlicht auf Jul 30, 2019
by Cryptoslate | Veröffentlicht auf Coinage
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.