- Bitcoin SV and Bitcoin Cash are surging pre-halving
- BSV broke its downtrend recently
- Bitcoin SV showing giant movements
Bitcoin Cash News Today – Bitcoin price has begun to pick up momentum as announcement about the network’s halving came to light. So we approach the May 2020 date, it will continue to make progress. Meanwhile, large-cap Bitcoin forks including Bitcoin Cash and Bitcoin SV will also have their halving events in April. We are now seeing the effects.
This year alone, both coin’s gained BCH 132% and BSV 270% respectively compared to Bitcoin’s 40%. According to the BSV/USD chart, this is an impressive breakout for the digital asset from its previous downtrend. It has now taken its price to $450 which is a massive 350% increase in value. This move upwards is likely going to retrace because it is unhealthy to move upwards in a straight pattern. The retrenchment occurred days after the coin found support at $245.
The $245 Position is Important For Bitcoin SV
The $245 level for BSV is an important point, as the BSV price could not break this barrier back in June last year. At the current level, the price of BSV is moving above the former resistance area at $310 and $327. This current price action points towards an exciting structure for the asset. If Bitcoin SV flips the two levels ($327) as support, then a continuation is warranted. Because there aren’t many resistances in between, we will likely see this continuation approach the $425 area.
The BTC/BSV Pair is Finding Support
The charts show that the BTC pair of BSV is indicating a similar view as what the USD pair is displaying. A massive breakout may happen if BSV turned the 0.01835 BTC level into a support point. The breakout needed a retrenchment as well which is found at 0.0283 BTC. The 0.0283 BTC level was formerly a substantial resistance and difficult to break, right now however, it is turning into a support point. The 4-hour chart indicates range-bound movements for BSV. The next support can be seen at the 0.0283 BTC level, while there’s resistance at the 0.037 BTC level.
A minor breakout from the downtrend occurred leading to an 18% increase today. However, the BSV price is still hanging in a range making its direction unclear. The Bitcoin SV price could retest the 0.0318 BTC level before it continues towards the 0.037 BTC position which is a range high. This point is the primary resistance. If the BSV price can break it, continuation upwards is sure. A new test of the ATH at 0.0483 BTC will likely.