Bitcoin Cash ends the trading week at 111.83, continues to move within the correction and the bearish channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, 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 the digital asset and test the resistance area near the level of 120.05. From where a rebound down is expected again and an attempt to continue the fall of the Bitcoin Cash cryptocurrency with a potential target below the level of 60.05.
Bitcoin Cash Weekly Forecast May 29 — June 2, 2023
An additional signal in favor of a decrease in BCH/USD quotes in the current trading week May 29 — June 2, 2023 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the descending channel, which was broken down by the sellers. Cancellation of the Bitcoin Cash fall option in the next trading week will be a strong growth and a breakdown of the 165.05 area. This will indicate a breakdown of the resistance area and continued growth of BCH/USD quotes with a target above the level of 205.05. The fall of the cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the level of 100.05.
Bitcoin Cash Weekly Forecast May 29 — June 2, 2023 suggests an attempt to test the resistance area near the level of 120.05. Then, the continuation of the fall to the area below the level of 60.05. An additional signal in favor of the decline of 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 area of 165.05. This will indicate a continued rise in the cryptocurrency with a target above the level of 205.05.
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