Bitcoin Cash Forecast and Analysis October 7 — 11, 2019


Bitcoin Cash ends the trading week at 222.06 and continues to move as part of the fall and the beginning of the development of the «Head and Shoulders» reversal pattern. Moving averages indicate a bearish trend. As part of the forecast for the BCH/USD rate for the next trading week, we should expect an attempt to correct and test the resistance area near the level of 245.05. Where is the rebound expected again and an attempt to continue the fall of Bitcoin Cash with a potential target below the level of 120.05.

Bitcoin Cash Forecast and Analysis October 7 — 11, 2019

An additional signal in favor of a fall in BCH/USD quotes in the current trading week from October 7 — 11, 2019 will be a test of a downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling Bitcoin Cash cryptocurrency will be a strong growth and a breakdown of the area of ​​305.00. This will indicate a breakdown of the upper border of the downward channel and continued growth of BCH/USD quotes. A confirmation of the fall of the cryptocurrency will be a breakdown of the support area and closing of quotes below the level of 175.05.

Bitcoin Cash Forecast and Analysis October 7 — 11, 2019

Bitcoin Cash Forecast and Analysis October 7 — 11, 2019 implies an attempt to test the resistance area near the level of 245.05. Then, the continuation of the fall to the area below the level of 120.05. An additional signal in favor of the fall of Bitcoin Cash will be a test of a broken trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and the breakdown of the area of ​​305.00. This will indicate a continued rise in the cryptocurrency with a target above the level of 365.00.


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