The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

In the past week,
Bitcoin trading volume is gradually disappearing. On July 15, it exceeded $25 billion, but over the past few weeks, it has dropped to around $14 billion today. As BTC’s trading volume continues to decline, its price appears to have plunged into the $
The $600 trading range between $9,900 and $9,300 shows no clear signs of a breakout.

Similar patterns can be seen across the crypto industry, leading investors to believe the market has entered a consolidation phase. Despite the uncertainty in the market, this technical analysis will attempt to determine the future of some of the top Bitcoin hard forks, including
Bitcoin Cash, Bitcoin SV and Bitcoin Gold.

Bitcoin Cash

After reaching a yearly high of $518 on June 22, Bitcoin Cash retraced more than 50%, falling to $255 on July 15. Now, BCH has spent the last week trading between the 38.2% and 50% Fibonacci retracement zones without any major breakout.

BCH price action may have diminished over the past few days due to the uncertainty that can be felt across the industry. Nonetheless, the Fibonacci retracement indicator can help identify different price points that would act as barriers to any directional push should volatility enter the market again.

On the bright side, if volume starts to pick up and Bitcoin Cash is able to break above the 38.2% Fibonacci retracement level, it may attempt to test the resistance given by the 23.6 and 18.16% Fibonacci retracement levels Bit. On the other hand, if selling pressure increases, BCH could drop another 22% to reach the 61.8% Fibonacci retracement level near $242.

When looking at the 1-day chart, it seems that a bearish scenario is more likely, while bullish sentiment seems to be predicting a further retracement of the bear pennant on this time frame.

This is believed to be a continuation pattern that formed after BCH’s major correction from $430 to $270 (known as the flagpole), which was followed by the current period of consolidation, known as the pennant, and could lead to a breakout in the same direction as the initial sports. This bearish pattern therefore predicts a 32% drop to around $200, measured by the height of the flagpole.

However, before taking a stance on the direction of a Bitcoin Cash breakout, it’s worth taking a look at the 4-hour chart. During this time, one can see how the Bollinger Bands squeezed, suggesting that BCH has entered a consolidation phase. A squeeze is often followed by a period of high volatility.

Therefore, a move above $326 could lead to an increase in the 23.6% Fibonacci retracement level, invalidating the bearish pennant on the 1-day chart. Meanwhile, a break above $289 could confirm a bearish pattern that could push the cryptocurrency down to the 61.8% Fibonacci retracement level or lower.

Bitcoin SV

In early July, Bitcoin SV plunged 48% as support from the 50-day moving average was breached from mid-May. As the plunge subsided, the 150-day moving average was able to arrest further declines in BSV price and allow it to rebound to the 50-day moving average. Recently, the cryptocurrency has fallen back to its 100-day moving average over the past 3 days of trading.

If the 100-day moving average holds, BSV may rise to test the resistance level given by the 50-day moving average. Conversely, a break above the 100-day moving average could send the cryptocurrency down to the 150-day moving average again.

Based on the 12-hour chart, it appears that Bitcoin SV may actually test the 50-day moving average as a bullish sign appears to be developing. This is believed to be a continuation pattern that formed after BSV rose from $108.5 to $188.7 (known as the flagpole), followed by the current consolidation period, known as the flag, and could lead to a breakout in the same direction. Initial movement. The bull flag rose 41% to around $200, which is where the 50-day moving average trades.

Bitcoin Gold

On the 3-day chart, Bitcoin Gold has fallen towards the $18 support after failing to break through the $31.5 resistance level. This is an important dimension for BTG as it has been able to prevent its price from being pushed lower multiple times in the past.

Based on historical data, the support at $18 is likely to hold and serve as a rebound point to test different resistance levels in the future, such as $21.8 and $25.8, for the price of Bitcoin Gold. However, a break above this support could lead to a further correction towards $15.5 or $12.3.

The TD sequential indicator on the 1-day and 12-hour adds credibility to the view that support at $18 will hold. Based on this technical indicator, a buy signal is given in the form of a red nine on both time frames, which predicts a rise from 1 to 4 days. If the bullish signal is verified by the green two candlesticks trading above the green signal, then BTG can move up to the setup trendline around $27.

It is worth noting that if the red two candlesticks are trading below red, the buy signal given by the TD Sequential Indicator will be invalid. In this case, BTG will likely fall below the $18 support and test the previously discussed support level.

overall mood

Following a major correction that has affected much of the crypto market, some Bitcoin forks are showing signs of things to come. Although Bitcoin Cash is forming a bear market holding a 34% decline, a break above $326 could change the bearish outlook and bring it back to the bullish side.

Meanwhile, different technical patterns on Bitcoin SV and Bitcoin Gold seem to indicate that they will resume their uptrend soon. It remains to be seen whether these cryptos can break through their respective resistance levels with enough volume to push them towards the bullish targets presented in this technical analysis.