Bitcoin Cash ends the trading week at 295.35 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. 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 320.55. Where again, a rebound is expected and an attempt to continue the fall of Bitcoin Cash with a potential target below the level of 165.45.
Bitcoin Cash Forecast and Analysis September 16 — 20, 2019
An additional signal in favor of a fall in BCH/USD quotes for the current trading week September 16 — 20, 2019 will be a test of the resistance line on the relative strength index (RSI). The second signal will be the formation of a reversal pattern. Cancellation of the option to reduce the Bitcoin Cash cryptocurrency will be a strong growth and a breakdown of the area of 405.00. This will indicate a breakdown in the formation of the «Right Shoulder» of the reversal model and continued growth of BCH/USD quotes. A confirmation of the cryptocurrency decline will be a breakdown of the support area and closing of quotes below the level of 225.00.
Bitcoin Cash Forecast and Analysis September 16 — 20, 2019 suggests an attempt to test the resistance area near the level of 320.55. Then, continued growth to the area below the level of 165.45. 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 the breakdown of the area of 405.00. This will indicate continued cryptocurrency growth with a target above the level of 505.00.
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