Bitcoin Cash ends the trading week at 220.30 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 again testing the area of signal lines, which indicates pressure from sellers. As part of the forecast for the BCH/USD rate for the next trading week, we should expect an attempt to continue the fall in the value of the digital asset and test the support area near the level of 170.05. Where again, a rebound and an attempt to grow Bitcoin Cash with a potential target above the level of 425.05 are expected.
Bitcoin Cash Forecast and Analysis January 6 — 10, 2020
An additional signal in favor of the growth of BCH/USD quotes in the current trading week January 6 — 10, 2020 will be an uptrend line test 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 growth option for the Bitcoin Cash cryptocurrency will be a fall and a breakdown of the area of 90.05. 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 245.05.
Bitcoin Cash Forecast and Analysis January 6 — 10, 2020 implies an attempt to test the support area near the level of 170.05. Then, continued growth to the area above the level of 425.05. 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 area of 90.05. This will indicate a continued decline in cryptocurrency with a target below the level of 55.05.
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