BCH/USD are trading at the level of 414.41 and continue to move as part of the correction and the formation of the “Wedge” reversal pattern. The capitalization of the Bitcoin Cash cryptocurrency at the time of the publication of the forecast is $7,712,970,196. Moving averages indicate a short-term bullish trend for Bitcoin Cash. Prices broke the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. As part of the cryptocurrency rate forecast for February 2, 2021, we should expect an attempt to develop an asset price correction and test the support level near the 360.05 area. Where can we expect a rebound and continued growth in the rate of the Bitcoin Cash digital asset with a potential target above the level of 585.05.
Bitcoin Cash Forecast and Analysis BCH/USD February 2, 2021
An additional signal in favor of the growth of quotations of the digital asset BCH/USD is a test of the trend line on the relative strength index (RSI). The second signal in favor of raising the BCH/USD quotes will be the completion of the formation of the “Wedge” reversal pattern. Cancellation of the growth option for the Bitcoin Cash cryptocurrency on February 2, 2021 will be a fall and a breakdown of the 315.05 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the area of 255.05. With the breakdown of the resistance area and closing of quotations above the level of 475.05, we should expect confirmation of the development of an upward trend in Bitcoin Cash and a breakdown of the “Wedge” model.
Bitcoin Cash Forecast and Analysis BCH/USD February 2, 2021 suggests an attempt to test the support area near 360.05. Where can we expect a rebound and continued growth in BCH/USD to the area above the level of 585.05. An additional signal in favor of a rise in the Bitcoin Cash digital asset 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 area of 315.05. This will indicate a continued fall in the cryptocurrency with a potential target below the level of 255.05.
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