BTC, BCH, BSV Price Prediction - Analyzing Reasons for Yesterday's Bitcoin forks Pumps. What to Expect Next?

Price Predictions
Wed, 01/15/2020 - 14:10
Denys Serhiichuk
Can BTC's forks fix the attained levels?
Cover image via www.tradingview.com

It looks like buyers have come to the cryptocurrency market. Since Monday, trading volumes have increased markedly. The indicator of total market capitalization has grown by 9.6% and its value at the moment is $238 Bln. All top 10 coins have remained in the green since yesterday.

Top 10 coins by Coinstats

The main data for Bitcoin, Bitcoin Cash, and Bitcoin SV is pointing in the opposite direction.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$158 444 737 801

$8 724,02

$46 238 047 166

3.04%

Bitcoin Cash

BCH

$6 174 047 905

$338,78

$7 682 012 075

8.29%

Bitcoin SV

BSV

$6 679 539 242

$369,68

$7 771 443 864

18.37%

BTC/USD 

Our recent Bitcoin forecast has justified itself and the leading crypto has achieved the expected $8,800 level.

BTC/USD chart by TradingView

Although Bitcoin has reached almost $9,000 in just a few days, it is likely to face a decline soon. The coin is already oversold based on the Relative Strength indicator on the 6H chart.

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In addition, there are long candle wicks at the local heights. In this case, the closest point BTC might drop to is $8,400.

Bitcoin is trading at $8,789 at press time.

BCH/USD 

Against the backdrop of general positivity, another good impulse came after the breakdown of consolidation. The goal of $305 was overcome almost simultaneously and the price, in a matter of minutes, reached a value of $350.

BCH/USD chart by TradingView

The chart shows that there was no trading volume increase against this growth. As a result, there is a high chance for Bitcoin Cash to face a correction phase from the current levels. The nearest levels are $280 and $230 which might be reached within the next few days. 

Bitcoin Cash is trading at $338.85 at press time.

BSV/USD 

Bitcoin SV resembles Bitcoin Cash in terms of the reasons for the price rise as the current growth can be considered simply a pump.

BSV/USD chart by TradingView

On the hourly chart, Bitcoin SV has shown spectacular growth recently. However, it happened against the declining trading volume index. Furthermore, BSV is located within the 'Triangle' pattern with a possible down breakout. Respectively, as a short-term scenario, traders might consider the area of $320 as the first stop for bears on the way to further decline.

Bitcoin SV is trading at $368.57 at press time

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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