This week, the cryptocurrency market is showing signs of recovery after significant corrections. Notably, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are at key support levels, indicating potential reversal.
Bitcoin Cash (BCH)
The weekly chart of BCH reveals that the price has been following a descending triangle pattern for nearly a year. After reaching a high of $640 in early December, BCH faced strong rejection from the upper trendline, leading to an extended correction. This decline pushed BCH into a critical support zone, testing the low of $271, an area where strong buying interest emerged. The price successfully bounced back and is currently trading around $331, showing early signs of a rebound. If bullish momentum continues, the first major hurdle for BCH is the 50-day moving average. A sustained breakout above this level could confirm an upside reversal, potentially pushing the price toward the descending triangle’s upper trendline near $575.
Bitcoin SV (BSV)
Similarly, BSV has been trapped within a descending triangle for the past year. After being rejected from the $86.71 resistance trendline in December, BSV entered a deep correction phase. The correction led BSV to test a key support zone at $31, where buyers stepped in to prevent further decline. As of now, the price has rebounded and is trading around $38. If momentum shifts to the bullish side, the first significant resistance lies at the 100-day moving average. A breakout above this level could drive BSV toward the upper resistance trendline at approximately $61.
Final Thoughts
Both BCH and BSV have successfully defended their crucial support zones, showing resilience despite the broader market downturn. If bullish momentum strengthens, these assets could see strong recoveries in the coming weeks. The MACD indicators for both charts suggest fading bearish pressure, hinting at a potential shift in trend. However, confirmation will require a breakout above key resistance levels before a sustainable rally can be expected.
The cryptocurrency market shows signs of recovery after significant corrections. BCH and BSV stand at key support levels, indicating potential readiness for a reversal.
