BCH/USD are trading at 224.78 and continue to move as part of the correction and the downward channel. Here the «Head and Shoulders» model is formed, as a pattern of trend continuation. Bitcoin Cash cryptocurrency capitalization at the time of the publication of the forecast is $4 024 016 109. Moving averages indicate the presence of a short-term bearish trend in Bitcoin Cash. As part of the cryptocurrency rate forecast for October 16, 2019, we should expect an attempt to correct the asset value and test the resistance level near the area of 230.05. Where again we should expect a rebound and continued fall of the digital asset Bitcoin Cash with a potential target below the level of 170.55.
Bitcoin Cash Forecast and Analysis BCH/USD October 16, 2019
An additional signal in favor of falling quotes of the digital asset BCH/USD will be a test of a downward trend line on the relative strength index (RSI). The second signal in favor of falling BCH/USD quotes will be a rebound from the upper border of the bearish channel. Cancellation of the option to drop the Bitcoin Cash cryptocurrency rate on October 16, 2019 will be a strong growth and a breakdown of the area of 265.05. This will indicate a breakdown of the upper boundary of the downward channel and continued growth of the cryptocurrency rate with a potential target above 325.05. With the breakdown of the support area and closing of quotes below the level of 205.05, we should expect confirmation of the development of a downward trend in Bitcoin Cash.
Bitcoin Cash Forecast and Analysis BCH/USD October 16, 2019 implies an attempt to test the resistance area near the level of 230.05. Where can we expect a rebound and the continuation of the fall of BCH/USD to the area below the level of 170.55. An additional signal in favor of the fall of the digital asset Bitcoin Cash will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and the breakdown of the area of 265.05. This will indicate a continued rise in the cryptocurrency with a potential target above the level of 295.65.
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