The entire crypto market is surrounded by great positivity as the price of Bitcoin resumes its trend, but the big forks (BCH and BSV) don’t give much to talk about.
To find out what could happen to these cryptocurrencies in the near future, here is a technical analysis.
Analysis of the main forks of Bitcoin
Bitcoin cash
With a market capitalization of $ 11.342 billion, it ranks 13th in the Crypto Online ranking and continues to be Bitcoin’s largest fork.
It accumulates a loss of 3.54% in the last 24 hours but still holds a gain of 12.58% over the last 7 days.
Thanks to widespread gains in the crypto market, the short-term trend recently turned bullish.
A small retreat is currently in the works and support is likely to be found soon to give way to new momentum. The next near-term goal for BCH is $ 655.28.
In the BCH weekly timeframe, we see that this fork has not benefited much from the momentum that Bitcoin is developing.
However, if we find support near $ 503, respect the 200-week SMA, and keep moving averages higher, it means this cryptocurrency could expect bigger gains next. The target seen on this chart is $ 765.
Technical analysis of the main forks of Bitcoin. Chart source: TradingView.
Bitcoin SV
Despite the fact that it eventually became one of the largest cryptocurrencies on the market and occupies a place in the TOP 10, BSV is now in 49th place in the Crypto Online ranking with a market capitalization of 3.364 billion US dollars.
Despite what has been displaced, it’s still one of Bitcoin’s main forks, so it’s worth checking out how it behaves.
BSV is benefiting greatly from the general rise in the market and can resume its short-term trend.
However, the 200-day SMA remains bearish, which tells us that the medium-term trend remains bearish, but this could change as we will see in the next few paragraphs.
We saw good bullish intent on the weekly Bitcoin SV chart after receiving support at USD 121.
However, to confirm that more relevant gains are being accumulated, the resistance at $ 191 must be crossed.
At the moment, it is highly likely that buyers will manage to break this level due to the general bull market and sellers’ continued weakness to mark a lower liquidity minimum.
When the BSV rises above $ 191, we can see gains as high as $ 338 below.
If it lost $ 121, the land would be cleared up to $ 86.
Technical analysis of the main forks of Bitcoin. BSV weekly chart. Source: TradingView.
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