Bitcoin SV price retraces to $300 after a massive surge to $455. The crypto is now the 5th largest capped after displacing Tether.
January 15, 2020 | AtoZ Markets – Bitcoin SV has shattered many resistance levels this week. The cryptocurrency hit its multi-year high and therefore turned to be the most profitable since the 2018 bearish trend started. As a result of the quick surge, BSV is now the 5th largest capped cryptocurrency with $5.7 billion in capitalization. If it continues in this manner, it would surpass BCH in no time. On Tuesday, when the Bitcoin SV price hit $240, we discussed 3 reasons why Bitcoin SV price is surging. Meanwhile, it has proceeded with more rallies to $450. That was huge!. However, a sharp correction is following below $300. The dip is expected to drop further to retest the $250 critical support level.
Other cryptocurrencies have surged. The market has gained over $7 billion in the last 24 hours to increase gains from December to nearly $55 billion. Bitcoin also almost touched $9,000. However, its dominance has dropped by 0.5% as a result of the Bitcoin SV performance. At the current price level, BSV has now gained 215% and nearly 430% in the last 365 days. The closest this year so far, in the top 20, in term of price appreciation, are Dash, Ethereum Classic and Bitcoin Cash with 191%, 65% and 60% gains respectively. The top 3 – Bitcoin, Ethereum and Ripple, have gained an average 23% in 2020 so far.
Bitcoin SV price retraces: Elliott wave analysis
After such a massive run, a fast decline would follow especially if it’s not powered in equal measures by the entire market aggregate. Bitcoin SV price retraces to $300 as a result. In Elliott wave terms, we could say the rally since December is developing into an impulse wave. In the last update, we used the chart below (Charting tools from TradingView).
The price spiked higher than we expected. The dip that follows is not yet showing corrective signals yet and so we can’t determine just yet how deep it would go. As the new chart below shows, we identify the current dip as wave iv.
The impulse wave is still developing. We will have to see how the price reacts at the $250-258 support zone which seems inevitable now. However, the drop should be limited above $155 or Bitcoin SV will threaten to hit below the $61 low.