Bitcoin Cash and Bitcoin SV, the two largest forks of BTC, are behaving quite calmly, compared to other crypto market participants.
Recently, Chainlink managed to take over the 5th position from BCH, moving BSV to the 7th position as well.
So far, none of them has done anything to regain their positions. But are they about to? Or will we continue to see the Bitcoin forks lose ground in crypto space?
To find out, we will now technically analyze the price of both forks, in order to forecast their future price behavior.
Bitcoin Cash Technical Analysis
Although Bitcoin’s awakening had a positive influence on Bitcoin Cash, it hasn’t been able to generate much profit so far.
While BTC has already reached a new annual high, BCH is still 70% away from reaching it.
However, the rise has also brought good signals to the Bitcoin Cash price chart. With the break of the resistance at approximately $275, the medium-term trend was resumed upwards.
The 8-week EMA and 18-week SMA moving averages are crossed in an upward direction, supporting this trend.
If we just look at the weekly chart, the next target is at $474, and that will be a very important level. If it is crossed, it means a change in the long term trend, which is currently in a downward direction.
At the moment, the odds are in favor of pursuing this target.
Bitcoin Cash Whales Decline, Why?
Short term trend of BCH
With Bitcoin locked in a narrow range, Bitcoin Revolution has also been behaving the same way for the past few days.
This lateral behavior caused a downward transition of the very short term trend of BCH.
However, there isn’t much to worry about yet, as after visiting the demand zone near the $270 level, the bulls are putting upward pressure, and could soon take control again.
The 200-day SMA is currently bullish, and has been functioning as dynamic support while the price rests on the side we are witnessing.
For now, the odds continue to favor a bullish escape, and a search for the next target seen on the daily chart at $351.6.
This scenario would change quickly to bearish, if the 200-day SMA is broken.