BCH/USD are trading at 243.93 and continue to move as part of the correction and the upward channel. Bitcoin Cash cryptocurrency capitalization at the time of the publication of the forecast is $4 489 770 266. Moving averages indicate the presence of a short-term sideways trend in Bitcoin Cash. Prices have pierced the area between the signal lines down, which indicates pressure from sellers. As part of the cryptocurrency rate forecast for May 8, 2020, one should expect an attempt to develop an asset value correction and a test of the support level near the area of 240.05. Where again we should expect a rebound and continued growth of the digital asset Bitcoin Cash with a potential target above the level of 285.05.
Bitcoin Cash Forecast and Analysis BCH/USD May 8, 2020
An additional signal in favor of raising the quotes of the digital asset BCH/USD is the test of the trend line on the relative strength index (RSI). The second signal in favor of the growth of BCH/USD quotes will be a rebound from the lower border of the rising channel. Cancellation of the option to raise the Bitcoin Cash cryptocurrency rate on May 8, 2020 will be a fall and a breakdown of the area of 230.05. This will indicate a breakdown of the support area and a continued decline in the cryptocurrency rate with a potential target below the area of 195.05. With the breakdown of the resistance area and closing of quotes above the level of 255.05, we should expect confirmation of the development of an upward trend in Bitcoin Cash, which will indicate a breakdown of the upper boundary of the «Triangle» model.
Bitcoin Cash Forecast and Analysis BCH/USD May 8, 2020 implies an attempt to test the support area near the level of 245.55. Where can we expect a rebound and continued growth of BCH/USD to the area above the level of 285.05. An additional signal in favor of raising the digital asset 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 area of 230.05. This will indicate a continued decline in cryptocurrency with a potential target below the level of 195.05.
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