Bitcoin Cash completes the trading week at 298.33 and continues to move as part of the strong growth of the beginning of the development of the «Triangle» model. Moving averages indicate a bearish trend. Prices have broken the area between the signal lines upward, which indicates pressure from buyers of the coin and a potential continuation of the rise. As part of the BCH/USD rate forecast for the next trading week, we should expect an attempt to reduce the value of a digital asset and a test of the support area near the level of 240.05. From where the rebound is expected again and the fall of Bitcoin Cash with a potential target above the level of 360.55.
Bitcoin Cash Forecast and Analysis August 3 — 7, 2020
An additional signal in favor of raising the BCH/USD quotes in the current trading week August 3 — 7, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the «Triangle» pattern. Cancellation of the growth option for Bitcoin Cash cryptocurrency in the next trading week will be a fall and a breakdown of the 175.55 area. This will indicate a breakdown of the support area and a continued fall in BCH/USD quotes with a target below 105.55. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 325.05.
Bitcoin Cash Forecast and Analysis August 3 — 7, 2020 suggests an attempt to test the support area near 240.05. Then continued growth to the area above the level of 360.55. An additional signal in favor of the rise in Bitcoin Cash will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 175.55 area. This will indicate a continued decline in cryptocurrency with a target below 105.55.
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