Bitcoin Cash Weekly Forecast May 8 — 12, 2023

Bitcoin Cash ends the trading week at 117.49, continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices are again 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 reduce the value of the digital asset and test the support area near the level of 100.65. From where a rebound is expected again and an attempt to continue the growth of the Bitcoin Cash cryptocurrency with a potential target above the level of 175.05.

Bitcoin Cash Weekly Forecast May 8 — 12, 2023

An additional signal in favor of the rise in BCH/USD quotes in the current trading week May 8 — 12, 2023 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the descending channel. Cancellation of the Bitcoin Cash cryptocurrency growth option in the next trading week will be a fall and a breakdown of the 80.05 area. This will indicate a breakdown of the support area and a continued fall in BCH/USD quotes with a target below the level of 55.05. The growth of the cryptocurrency will be confirmed by a breakdown of the resistance area and the closing of quotes above the level of 165.05, which will indicate a breakdown of the upper limit of the downward channel.

Bitcoin Cash Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the support area near the level of 100.65. Then, continued growth to the area above the level of 175.05. An additional signal in favor of the rise of Bitcoin Cash will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 80.05 area. This will indicate a continued decline in the cryptocurrency with a target below the level of 55.05.

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