As the crypto markets continue to consolidate after a minor upswing, some tokens follow the trend, while others are going against it and trying to secure a strong ascending trend. The rise to close to $70,000, followed by a consolidation, has paved the way for the altcoins to swell to some extent. While some of the memecoins have displayed strength, one of the popular Bitcoin forks, Bitcoin SV (BSV), has also soared by a decent margin.
While the Bitcoin SV (BSV) price is gaining strength, will the Bitcoin Cash (BCH) price initiate a strong upswing?
The BCH price has been trading within a falling wedge and after reaching the apex, it triggered a breakout. The technicals have flipped to bullish at the moment as the on-balance volume (OBV) has rebounded from the lows. Meanwhile, the DMI has already undergone a bullish crossover, suggesting a continuation of a bullish trend.
Currently, the price is testing one of the crucial trend-reversal zones around $55 and a successful rise beyond $60 may elevate the levels to the next trend-reversal zone at $70. Besides, the Bitcoin Cash (BCH) price is also following a similar trend as it also surges beyond the bearish trend.
As suggested in the above chart, the BCH price has not only breached the resistance of the falling wedge but has also accomplished a retracement. This suggests the price is ready for the next bullish action but the RSI is about to enter the oversold area, which may cause some repercussions. In such a case, the 200-day MA may offer a strong base as the token is preparing for a ‘golden cross’ after withstanding a death cross.
Therefore, the Bitcoin Cash (BCH) price is expected to revive a strong upswing and reach $500 in the coming days.
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