• Bitcoin prices have spurred hard forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV), to surge in the market.
• BCH and BSV prices have experienced a notable drop after reaching their yearly highs.
• Indicators like RSI and ADX show potential for a bullish rebound but there is also a bearish possibility if support levels are broken.
Bitcoin Prices Surge
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 soared iconically.
Recent Price Drops
After surging by nearly 200% in a week, the prices of BCH and BSV have recorded notable drops. So has the rally faded? Is this the right time to sell these tokens?
Bitcoin Cash Analysis
Ever since 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 200-MA levels at $270.2 which validates a correction phase. Until it continues to trade within this channel, there is possibility of bullish reversal; however if it loses middle bands of channel and interim support at $235.9 then bearish trend may be certified that may drive prices toward lower support zone around $220.
Bitcoin SV Analysis
Similar to BCH’s analysis above, Bitcoins SV’s price is also trading within descending triangle after marking highs at $56.42 . The RSI in short-term has plunged below oversold region triggering fine rebound which may keep price elevated while ADX is bullish due to which the possibility of an uptrend revival cannot be denied either . Thus both indicators are showing positive signs towards upward movement but overall bearish pressure seems strong here .
It looks like both assets have cooled down from their highs and are now consolidating again before making any further moves up or down depending upon whether bulls or bears overcome each other . It will be best for investors to wait out current situation before taking any decision regarding these assets as current state can change anytime soon if any major developments occur .