- BTC/USD’s $300 price hike overshadowed by Bitcoin Cash (BCH) and Bitcoin SV (BSV) mammoth 6% and 7% gain in the past 24 hours.
- Bitcoin Cash evangelist and Bitcoin.com founder, Roger Ver, denies involvement in the creation of Bitcoin Cash.
- Technical indicators signal a heightened demand for the Bitcoin spinoffs; BCH and BSV bulls take charge targeting the major resistance levels at $240 and $120 respectively.
Bitcoin outshined as BCH and BSV gain 5%, 7% respectively in past 24 hours
Bitcoin bulls took charge of the market on Monday morning pushing the price above the key resistance at $8,200 before a slight slip to $8,179 as at time of writing. However, in the past 24 hours the spotlight is shining at two BTC spinoffs, BCH and BSV as they both recorded huge gains during the period.
According to Coinmarketcap, the price of BCH has grown by 5.35% in the past 24 hours to trade at $225 USD. The Bitcoin Cash hard fork, Bitcoin SV, outdid BCH, growing by 7.01% since Sunday’s trading price to trade at $96.47 USD – placing BSV as the top-performing crypto among the major digital assets.
The current bullish trend in the market is however expected to slow in the coming days as BTC’s price formed a rectangle chart pattern that signals a possible move to the $6400 region. The bearish sentiments are shared across the BTC-forks assets too in the long term. Short term technical indicators show a possible upward push to test the $300 resistance level for BCH/USD pair; BSV/USD bulls are on track to push price towards the major resistance level at $120 if daily candle closes above key support at $100.
BSV/USD bulls target major resistance level at $120
The BitFinex BSV/USD pair daily candles chart shows an increased bullish momentum as the price tested key resistance level at $109.2 on Monday. The pair broke key resistance at $96.850 USD as bulls took over as the bears strength in the market dropped to monthly low volumes. A bullish flag pattern is forming on the daily charts and a close above the key resistance at $109.20 calls for an irresistible opportunity to buy for long traders.
The price broke free from the bearish channel pattern resistance level at $90 during the weekend and has since pushed to trade at $106 taunting the major resistance at $120.
The Moving Average Convergence Divergence (MACD) indicator diverging further since the cross above the signal line showing a possible bullish momentum on BSV/USD pair. Furthermore, the formation of a golden cross is an extremely bullish sign for the pair in the coming days.
BCH/USD breaks above $240 as Roger Ver denies creating BCH
Looking at the 4-hour chart candles, the BCH/USD pair looks to be on a similar bullish uptrend to BSV. The price tested key resistance at $240 on Monday following the 5% hike in the past 24 hours. A break above resistance opens up the market to a possible rally above the major support/resistance level at $300 USD in early November.
While the Relative Strength Index (RSI) is wildly oscillating above the overbought region, signaling a possible reversal in price, a golden cross has formed on the 4-hour chart signaling a possible bullish momentum.
The spike in price coincides with Roger Ver’s latest comment denying he created the Bitcoin Cash platform. The tweet sent out on Sunday evening is raising questions with the cryptocurrency industry but seems to be working out perfectly for BCH so far.
I had nothing to do with the creation of #bitcoin
I had nothing to do with the creation of #BitcoinCash
— Roger Ver (@rogerkver) October 20, 2019
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.