2 Bitcoin Alternatives Moving Up Today: A Technical Analysis

Bitcoin Cash BCH/USD and Bitcoin SV BSV/USD are two alternative Bitcoin-related cryptocurrencies.

Bitcoin SV was created by adjusting the Bitcoin protocol with larger block sizes to reduce transaction fees. Bitcoin Cash was created to speed up transactions by making the amount of data smaller that needs to be verified in each block.

Bitcoin Cash was up 11.59% at $506.40 and Bitcoin SV was up 22.01% at $156.34 at last check Monday.

See Also: Best Cryptos In 2021

Bitcoin Cash Daily Chart Analysis

• There are 3 key levels shown on the chart as Bitcoin Cash trades in a sideways channel.
• The crypto is trading below both the 50-day moving average (green), and the 200-day moving average (blue). Indicating recent sentiment in the cryptocurrency has been bearish.
• These moving averages may hold as resistance levels in the future.

Key Bitcoin Cash Levels To Watch

• The $400 level previously held as resistance before turning into support once again, Bitcoin Cash recently found support here again last week.
• The $800 and $1,200 levels have previously held as resistance and these levels may be the next strong resistance areas if the price can reach them once again.
• The Relative Strength Index (RSI) sits at 41, meaning there are slightly more sellers than buyers in the cryptocurrency, the RSI has been increasing throughout the past few weeks.

Bitcoin SV Daily Chart Analysis

• Bitcoin SV looked to have dipped below support, but shortly after was able to reclaim the level.
• The crypto is trading below both the 50-day moving average (green), and the 200-day moving average (blue). Indicating recent sentiment in the cryptocurrency has been bearish.
• Resistance may be found near each of these moving averages in the future.

Key Bitcoin SV Levels To Watch

• The $150 level is an area Bitcoin SV has been able to find support as the price struggles to cross below. The price fell below this area shortly before climbing back above again.
• The $225 level and the $440 level have held is resistance in the past as the price struggled to cross above these levels. Each of these levels may hold as resistance again in the future.
• The RSI has been climbing recently and sits at 48 on the indicator, this means there are slightly more sellers in the market than buyers.