- BCH and BSV are up by 70% and 100% over the last 10 days
- BCH is breaking above resistance to initiate a move to $280
- BSV faces significant resistance upfront
Bitcoin Cash News Today – Bitcoin SV and Bitcoin Cash are two of the top-performing coins in the most recent run-up in across the crypto market. These digital assets are on top of a pivotal position that could decide their next destination. Let us see how both tokens performed.
Bitcoin Cash Breaks Resistance
After reaching a peak point of $500, Bitcoin Cash dropped by 70% to $134 in mid-March this year. The significant sell-off appears to have been stopped by the 78.6% Fibonacci retracement level. This major position of support also served as a rebound position pushing Bitcoin Cash over the 80% area.
Now the crypto moved to test the resistance point provided by the 61.8% Fib retracement area. Any rejection here could see the price of Bitcoin Cash move to the $168 area which is a support level. After this, it can try to break $243. Meanwhile, breaking the 61.8% Fib retracement point could increase the chances of further advancements to the resistance levels presented by both the 50% and 38.2% Fib retracements at $295.5 and $348.
According to the 4-hour chart for BCH/USD, Bitcoin Cash is in a no-trade area defined by the coin’s 100 and 50-four-hour MA’s. Closing either above or below these MAs could define the crypto’s next destination. Bitcoin Cash is now slicing through its most significant resistance area where more than 25,000 addresses hold about 800,000 BCH. Above this position, there isn’t any major supply barrier. You can only find one at the 200-hour MA or the 50% Fib retracement. This open area adds credibility to a bullish outlook for BCH/USD, suggesting that upward price action could be forthcoming. We can expect this at $280.
Bitcoin SV Faces Strong Resistance Ahead
Bitcoin SV dropped by 70% in value as well after it stopped at a high point of $383 in the middle of February. Looking at things from a long-term angle, it seems the upper area of the parallel pattern where BSV has been contained stopped it from moving to higher highs. There’s a bearish impulse that ensured that BSV plunged to the boundary beneath the channel as the coin has endured since 2018. At the time, the above-mentioned technical pattern started to form.
Now that the price of Bitcoin SV managed to bounce back to the middle channel, we can expect more than one outcome to materialize. The first of this could see resistance ahead. This could prevent BSV from making any further advancements. If this happens, the price of BSV could pull back. It could return to the lower boundary before trying to break the resistance.