Bitcoin Cash price prediction bets for a massive fall in the pair following the Bitcoin SV 51% attack have not materialized so far. Even Bitcoin Cash SV has not crashed as expected, losing only 0.11% as of writing.
On Tuesday, a 51% attack was unleased on Bitcoin SV. This attack, which occurs when miners gain enough hash power advantage to rearrange new blocks on the network, affected more than a dozen blocks, according to CoinMetrics.
The attack appears to be ongoing but largely mitigated after the newly created chains’ activity was sequestered.
Technical Outlook for BCH/USD
The price action continues to challenge the resistance at 539.55, with no joy so far. This level needs to be uncapped for the price to ascend towards 601.98. 645.80 and 728.43 are potential targets to the north. Attainment of these targets appears far-fetched at the moment.
On the flip side, rejection at 539.55 could allow for a pullback that targets 459.72. Below this level, 371.91 remains a potential support target.
Bitcoin Cash: Daily Chart
Follow Eno on Twitter.