Bitcoin Cash completes the trading week at 251.17 and continues to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the coin and a potential continuation of the fall. As part of the BCH/USD rate forecast for the next trading week, we should expect an attempt to increase the value of a digital asset and a test of the resistance area near the level of 265.05. From where a rebound is expected again and an attempt to drop the Bitcoin Cash cryptocurrency with a potential target below 110.05.
Bitcoin Cash Forecast and Analysis October 19 — 23, 2020
An additional signal in favor of reducing the BCH/USD quotes for the current trading week on October 19 — 23, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be the formation of a “Head and Shoulders” reversal pattern. Cancellation of the option of falling Bitcoin Cash cryptocurrency in the next trading week will be strong growth and a breakdown of the area of 315.05. This will indicate a breakdown of the resistance area and continued growth of BCH/USD quotes with a target above the level of 415.05. Confirmation of the fall in cryptocurrency will be a breakdown of the support area and closing of quotations below 200.55, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” model.
Bitcoin Cash Forecast and Analysis October 19 — 23, 2020 suggests an attempt to test the resistance area near the 265.05 level. Then the continuation of the fall to the area below the level of 110.05. An additional signal in favor of reducing Bitcoin Cash will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 315.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 415.05.
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