Bitcoin Forks BCH and BSV Are On the Move: What’s Next?

  • BCH and BSV prices outperformed almost all the coins in the market.
  • BCH cleared the $229.15 resistance after bulls capitalized on the breakout.
  • BSV’s rise was influenced by a surge in trading volume on Upbit, but the coin is now overbought.

Bitcoin’s (BTC) bounce above $43,000 has resulted in a strong rally for cryptocurrencies related to the coin. According to CoinMarketCap, Bitcoin Cash (BCH), the token created in August 2017 as a result of a Bitcoin hard fork, rose by 14.04% in the last 24 hours.

The increase ensured that BCH changed hands at $270. However, that was not the only cryptocurrency affected by the rise in Bitcoin’s value. Bitcoin SV (BSV) overshadowed BTC’s and BCH’s increase as it rose by 60.69% within the same timeframe.

Bitcoin SV also came to life as a result of a blockchain split. But unlike Bitcoin Cash, BSV was launched later in November 2018. 

BCH Eyes $300 Again

Per the 4-hour BCH/USD chart, the cryptocurrency had formed an asymmetrical triangle as shown below. This chart pattern was vital to BCH’s breakout of its consolidation phase. Consequently, there was an eventual break above the $229.15 resistance. 

Typically, this break gives a high probability of a buying setup. It seemed that bulls were able to spot the breakout and took advantage as BCH also broke the $250 psychological resistance. In light of the growing momentum, Coin Edition checked the Exponential Moving Average (EMA).

BCH/USD 4-hour chart (Source: TradingView)

At press time, the 9-day EMA (blue) rose above the 20-day EMA (yellow), indicating a bullish trend for BCH. The position also enhanced the prospect of a price increase to $300. 

Should bulls continue to dictate the momentum, then BCH might rise in the $300 direction. However, a reversal in the trend could pull BCH back to $250.

It’s an Asian BSV Party

According to CoinGecko, BSV’s rise was not only because of Bitcoin’s movement. The price tracking platform showed that there was an increase in demand for the cryptocurrency on the South Korean exchange Upbit, causing the hike.

BSV/USD 4-hour Chart (Source: TradingView)

Per the price action, BSV had become overbought, as shown by the RSI. This notion was also supported by the Bollinger Bands (BB). Unless South Korean traders keep buying the coin, a drawdown might be next for BSV.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

Crypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs

Image
“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund said in a recent report. The potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market , claim analysts from crypto research firm K33 — formerly Arcane Research.  In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval despite the sentiment not being reflected in the price of Bitcoin or other mainstay crypto assets. The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale’s legal victory over the Securities and Exchange Commission — an approval would “attract enormous inflows” and significantly increase buying pressure for Bitcoin. Bitcoin returned its gains in the wake of Grayscale's victory. Source: K33 Research However, the downside of ...
Read more

Crypto Bias Blocks People from Seeing Coinbase as Goldman 2.0: Bitwise CEO

In a recent tweet, Hunter Horsley, CEO of Bitwise Asset Management, shared his frustration with the poor attention given to the US-based crypto, Coinbase, claiming that people are “sleeping” on the crypto business. Horsley argued that while big banks like Goldman Sachs attempt to avoid a “slow death” by investing in technology, APIs, and retail services, Coinbase has already achieved what many banks strive to attain. He points out that the exchange has an exceptional institutional team with 25% of the most significant hedge funds as clients, over 50% institutional volume, and a suite of first-class tech products. The Bitwise CEO also claimed that Coinbase co-invented the USDC payment rail, facilitating $2 trillion in transfers in 2022 Q4 alone. Rant — People are sleeping on Coinbase. Big banks like GS are working to avoid slow death by getting into technology, APIs (Apple deal), more retail services (Marcus), while grappling with the heft of legacy biz, rate exposure, ...
Read more

Komodo (KMD) Price Prediction 2023-2030: Will KMD Price Hit $ 0.7 Soon?

Image
Bullish Komodo (KMD) price prediction ranges from $0.4 to $0.7 Analysis suggests that the KMD price might reach above $0.68. The KMD bearish market price prediction for 2023 is $0.1775. What is Komodo (KMD)? Komodo is an open-source technology provider that provides the infrastructure and tools for the new decentralized financial system. With Komodo, anyone has the capability of launching a branded decentralized exchange, cross-protocol financial applications, and independent blockchains.   The project’s flagship end-user application is Komodo Wallet (formerly AtomicDEX). It is a non-custodial multi-coin wallet, crypto bridge, and DEX rolled into one app. Being compatible with 99% of cryptocurrencies, Komodo Wallet offers the widest cross-chain, cross-protocol trading support of any decentralized exchange. Komodo Wallet’s DEX feature is built using a peer-to-peer (P2P) atomic swap protocol with decentralized order books. Developers use ...
Read more