We are finally seeing almost every major cryptocurrency in the ecosystem making a profit. Yesterday, those who stood out with the biggest upward jumps were Bitcoin SV with a daily gain of 63.46% and Bitcoin Cash with a 38.16% rise.
It seems more and more likely that an altseason is beginning, fueled by a Bitcoin totally full of euphoria infecting its peers, and profits that begin to look for more kind grounds for the short term.
Various analysts indicate that the time for a correction of BTC has arrived, which would lead to the circulation of capital towards other cryptocurrencies. Perhaps the next setback will not be so deep, maybe so alone in a brief fall to continue rising.
Either way it’s pretty clear how unhealthy the parabolic drive is being, and investors will be increasingly wary.
Here is a brief review of the behavior of Bitcoin Cash and Bitcoin SV, to forecast what could happen in the near future.
Bitcoin Cash meets resistance $ 639.05
There is no doubt that BCH is behaving in a great way, leaving behind the period of consolidation in which it was locked in for more than 2 years.
Now the price is showing clear bullish signals for the medium term, following the behavior of the ecosystem in general.
After yesterday’s jump, the immediate resistance located at $ 494.59 was effectively crossed. Now the price is being hampered by a barrier at $ 639.05.
The current behavior speaks to us of a possible exhaustion, but at the moment there is not much that indicates that the momentum is going to end soon.
Currently it is a good time to make a brief correction, a movement that thanks to the previous trend will only motivate new purchases.
After Bitcoin Cash breaks through $ 639.05, the next target will be $ 829.28.
Bitcoin Cash price weekly chart. Source: TradingView.
BSV leaves strong bullish rejection
After an explosive jump that generated up to 80% gains yesterday, today the price of BSV has made an important correction, leaving a strong rejection wick on the neighboring residence area at $ 295.18.
Despite the drop it is presenting today, even Bitcoin SV shows a good short-term scenario, thanks to the effective breakdown of the immediate resistance that hindered it.
As long as BSV does not eliminate all or almost all of this week’s gains, the price should be making a correction to continue its bullish intention. If this happens, the next objective is to reach a new all-time high.
Bitcoin SV price weekly chart. Source: TradingView.
All our publications are informative in nature, so in no case should they be followed as investment advice.
Did you like the content? Share it