Bitcoin Cash ends the trading week at 248.88 and continues to move as part of the correction and the formation of the «Wedge» reversal model. Moving averages indicate a bearish trend, which remains strong. As you can see, prices are testing the area of signal lines, which indicates a potential drop from current levels. As part of the forecast for the BCH/USD rate for the next trading week, we should expect an attempt to continue to fall in the value of the digital asset and test the support area near the level of 175.05. Where again, a rebound and an attempt to grow Bitcoin Cash is expected with a potential target above the level of 495.05.
Bitcoin Cash Forecast and Analysis January 13 — 17, 2020
An additional signal in favor of the growth of BCH/USD quotes in the current trading week January 13 — 17, 2020 will be a test of the rising support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish Wedge model. Cancellation of the Bitcoin Cash cryptocurrency growth option will be a fall and a breakdown of the 95.05 area. This will indicate a breakdown of the support area and a continued decline in BCH/USD quotes. A confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 265.05.
Bitcoin Cash Forecast and Analysis January 13 — 17, 2020 implies an attempt to test the support area near the level of 175.05. Then continued growth to the area above the level of 495.05. An additional signal in favor of raising Bitcoin Cash will be a test of the broken trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 95.05 area. This will indicate a continued decline in cryptocurrency with a target below the level of 55.05.