Bitcoin Cash ends the trading week at 306.85 and continues to move as part of the decline and the formation of the «Head and Shoulders» reversal pattern. Moving averages indicate a bearish trend. As part of the forecast for the BCH/USD rate for the next trading week, we should expect an attempt to correct and test the resistance area near the level of 355.00. Where again, a rebound is expected and an attempt to continue the fall of Bitcoin Cash with a potential target below 115.00.
Bitcoin Cash Forecast and Analysis August 19 — 23, 2019
An additional signal in favor of a fall in BCH/USD quotes for the current trading week of August 19 — 23, 2019 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option to reduce the Bitcoin Cash cryptocurrency will be a strong growth and a breakdown of the 445.00 area. This will indicate a breakdown of the lower boundary of the rising channel and continued growth of BCH/USD quotes. A confirmation of the cryptocurrency decline will be a breakdown of the support area and closing of quotes below the level of 265.00.
Bitcoin Cash Forecast and Analysis August 19 — 23, 2019 implies an attempt to test the resistance area near the level of 355.00. Then, continued growth to the area below the level of 115.00. An additional signal in favor of reducing Bitcoin Cash will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of the area of 445.00. This will indicate continued cryptocurrency growth with a target above the level of 505.00.
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