Bitcoin Forks BCH and BSV Are On the Move: What’s Next?

• BCH and BSV prices outperformed almost all the coins in the market.
• BCH cleared the $229.15 resistance after bulls capitalized on the breakout.
• BSV’s rise was influenced by a surge in trading volume on Upbit, but the coin is now overbought.

Bitcoin’s (BTC) bounce above $43,000 has resulted in a strong rally for cryptocurrencies related to the coin. According to CoinMarketCap, Bitcoin Cash (BCH), the token created in August 2017 as a result of a Bitcoin hard fork, rose by 14.04% in the last 24 hours.

The increase ensured that BCH changed hands at $270. However, that was not the only cryptocurrency affected by the rise in Bitcoin’s value. Bitcoin SV (BSV) overshadowed BTC’s and BCH’s increase as it rose by 60.69% within the same timeframe.

Bitcoin SV also came to life as a result of a blockchain split. But unlike Bitcoin Cash, BSV was launched later in November 2018. 

BCH Eyes $300 Again

Per the 4-hour BCH/USD chart, the cryptocurrency had formed an asymmetrical triangle as shown below. This chart pattern was vital to BCH’s breakout of its consolidation phase. Consequently, there was an eventual break above the $229.15 resistance. 

Typic…

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