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.