Bitcoin Hard Forks, Bitcoin Cash (BCH), & Bitcoin SV (BSV) Cooling Down; Has the Sell Opportunity Triggered?
The post Bitcoin Hard Forks, Bitcoin Cash (BCH), & Bitcoin SV (BSV) Cooling Down; Has the Sell Opportunity Triggered? appeared first on Coinpedia Fintech News
Recently, with the rise in Bitcoin prices, the hard forks, Bitcoin Cash & Bitcoin SV, also surged magnificently. The main reason for the BTC price rally is that the popular asset management firm BlackRock, along with a few others, filed for a spot Bitcoin ETF. Besides, now that Bitcoin is considered a commodity, the hard forks are also assumed to have the same status. Hence, the BCH and BSV prices, along with a few other altcoins, also soared iconically.
After surging by nearly 200% in a week, the prices of BCH and BSV have recorded notable drops. So has the rally faded, and is this the right time to sell these tokens?
Bitcoin Cash (BCH)
Ever since the BCH price has marked its yearly high at $329, it has begun to trade within a descending parallel trend
The price in the short term has dropped below the 200-MA levels at $270.2 and hence has validated a correction phase.
Until the price continues to trade within the channel, the possibility of a bullish reversal may prevail
However, if it loses the middle bands of the channel and the interim support at $235.9, then a bearish trend may be certified that may drive the prices toward the lower support zone around $220
Bitcoin SV (BSV)
Similar to BCH, Bitcoin SV’s price is also trading within a descending triangle after marking highs at $56.42
The price, after testing the lower support, is trying for a bullish rebound but the bears have intensified their action, restricting the price below $42
The RSI in the short term has plunged below the oversold region and has triggered a fine rebound, which may keep the price elevated
Besides, the ADX is also bullish, due to which the BSV price is believed to maintain a closed consolidation within the triangle to reach the apex
However, a slight pullback to the lower support may offer the catapult action to rise finely in the coming days.
Filed under: Bitcoin - @ July 5, 2023 2:14 pm