The Countdown to Halving
As we edge closer to the much-anticipated halving event for Bitcoin in May 2020, the atmosphere in the crypto world is electric—like a toddler on a sugar high. Bitcoin (BTC) has been showing steady growth, gaining a solid 40% this year. However, its forks, Bitcoin SV and Bitcoin Cash, are making waves, boasting gains of 270% and 132%, respectively. Talk about sibling rivalry!
Bitcoin SV’s Epic Journey
Bitcoin SV is like that underdog in a sports movie who suddenly transforms into a champion. Starting at $100, it skyrocketed to $450, a 350% increase. But remember, what goes up must come down—temporarily! Following such a meteoric rise, it took a breather, retracing to find support at the $245 level that it couldn’t break through in June 2019.
Charting the Ascent
The 6-hour chart reveals a symmetrical triangle formation, suggesting a battle occurring around $245 (support) and $325-330 (resistance). Recently, a breakout occurred, keeping fingers crossed that the new support at $310 holds strong. A flip at $327 could prompt further rallies towards the elusive $425 mark.
Bitcoin SV’s BTC Pair Stability
In the BTC market, Bitcoin SV is also showing promising patterns. It has turned the 0.01835 satoshi level into a support zone. After a significant breakout, it retraced and found support at 0.0283 satoshis, previously a major resistance point. The current challenge lies at the 0.037 satoshis level—crossing this threshold could lead to a thrilling ride back to the all-time highs of 0.0483 satoshis.
Bitcoin Cash: The Sibling’s Swift Recovery
Not to be outdone, Bitcoin Cash (BCH) is on its own upward trajectory. Following its own halving, BCH moved from a local bottom of $170 to a current $440 in a display of resilience. Key levels of $296 and $365 have flipped from resistance to support, paving the way for further increases.
Watch Out for the $400-407 Zone
For Bitcoin Cash, a test of the $400-407 level is imminent. Success here means continuing the upward trend with a possibility of hitting $496, and who knows, maybe even $615 if the momentum keeps going. Talk about a family reunion with some serious party vibes!
The Smaller Players: Bitcoin Gold’s Momentum
Not just the big names, but Bitcoin Gold (BTG) is also showing promising signs with a whopping 200% increase this year. Its breakout above the $9 and $10.65 levels hints at potential further movement towards the $15.65 resistance level.
The Psychology of Trading
As exhilarating as all of this upward momentum may seem, it’s also crucial to brace for the often-quoted ‘buy the rumor, sell the news’ scenario. Typically, traders flock to buy leading up to events like halvings, and once the halving occurs, they might send the price tumbling back down. So keep your helmets on, folks!
Final Thoughts
The crypto market can be a wild ride, marked by crazy highs and gut-wrenching lows. While Bitcoin and its forks are gaining traction, the market is always ripe with surprises. Stay alert, conduct your research, and enjoy the adrenaline rush that comes with this unique investment journey!
