Let’s take a look at the technical analysis of Bitcoin, Bitcoin Cash and Bitcoin SV.
Bitcoin (BTC) is looking beautiful. Wouldn’t be surprised to see a pullback which would actually be a good sign especially if it holds $12,000 - $13,600 area. A pullback into that range followed by a period of consolidation could lead to another very strong rally.
Bitcoin Cash (BCH) is certainly the second strongest looking of the 3 and that isn’t saying much. Since the Covid induced pullback in March of this year BCH has struggled to gain much momentum higher. With that said we’d like to see it hold the two lines we’ve drawn, especially the red line on a closing basis. If we see a close below the red line we could be in for an extended period of weakness. Deserves our attention over the coming days and weeks.
I know the Bitcoin SV (BSV) advocates are going to hate to hear this but it’s the truth. From a technical point of view BSV is the weakest of the 3 and is coming close to an important level. If we see a close below the line drawn we could see an extended move lower. But on the flip side if we hold it, on a closing basis, we could see some buying come in pushing prices higher.
And Litecoin (LTC) starting to look really good. Looks like this past week it started to breakout, it even can back and tested the upper line, held and bounced. Actually performing very well today while the crypto market is weak overall.
*This article should not be taken as investment advice, rather it’s just my technical view of the 3 Bitcoin.
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