Bitcoin Cash ends the trading week at 189.96 and continues to move as part of the decline and the formation of the «Wedge» reversal pattern. Moving averages indicate a bearish trend, which remains strong. As you can see, prices continue to remain below the level 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 to fall in the value of the digital asset and test the support area near the level of 165.05. Where again, a rebound is expected and an attempt to grow Bitcoin Cash with a potential target above the level of 420.05.
Bitcoin Cash Forecast December 30, 2019 — January 3, 2020
An additional signal in favor of the growth of BCH/USD quotes in the current trading week December 30, 2019 — January 3, 2020 will be an ascending trend 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 235.05.
Bitcoin Cash Forecast December 30, 2019 — January 3, 2020 implies an attempt to test the support area near the level of 165.05. Then continued growth to the area above the level of 420.05. 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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