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BCH, BSV Altcoins Price Analysis — Bitcoin Forks Are Declining Against BTC

Bitcoin forks are struggling to show growth against BTC. May Bitcoin Cash and Bitcoin SV overtake the growth of BTC or not?

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Cover image via CryptoComes.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Yesterday, July 18, most of the top coins showed growth against Bitcoin, but now the situation seems quite different. The major Bitcoin forks — Bitcoin Cash and Bitcoin SV — have gone down by 2% and 1% respectively. On the other hand, the cryptocurrency market capitalization has increased by more than $20 Bln due to the price rising of most of coins in correlation to US Dollar.

 Cryptocurrency market cap
Cryptocurrency market cap by CoinMarketCap

Now, let’s get to the chart for better understanding of the technical picture.

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BCH/BTC

Our yesterday Bitcoin Cash forecast justified itself. The price dropped below the 0.030 BTC level. 

BCH/BTC 1-day chart
BCH/BTC chart by TradingView

On the daily chart, BCH has updated the bottom against Bitcoin, as the support at 0.030 BTC was broken. Regarding the nearest price analysis, Bitcoin Cash is likely to bounce back to the resistance at 0.035 BTC until mid August. Such analysis is supported by the MACD indicator which is about to change the trend from bearish to bullish.

The price of BCH is trading at 0.02923 BTC at the time of writing.

BSV/BTC

Bitcoin SV is showing better price movements than BCH, although its rate has reduced by around 1% over the last day.

BSV/BTC 4-hour chart
BSV/BTC chart by TradingView

On the 4H chart, BSV is trying to break the bullish trend and fix above 0.0140 BTC. In terms of the short-term scenario, the quotes might reach this resistance, however, Bitcoin SV is likely to go down afterward due to the low trading volume.

The price of BSV is trading at 0.01319 BTC at the time of writing.

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Denys Serhiichuk

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@cryptocomes.com