Cryptocurrency Bitcoin Cash is trading at 117. Quotes continue to move as part of the correction and the downward channel. BCH/USD is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for Bitcoin Cash. As part of the forecast for the Bitcoin Cash cryptocurrency exchange rate on August 31, 2022. An attempt is expected to develop a correction in the price of a digital asset and a test of the lower border of the Ichimoku Kinko Hyo indicator Cloud near the level of 120. Where should we expect a rebound down and a continuation of the fall of the BCH cryptocurrency with a potential target below the level of 90.
Bitcoin Cash Forecast and Analysis August 31, 2022
An additional signal in favor of such a movement of the cryptocurrency on the market will be a test of the resistance area on the cryptocurrency price chart. The second signal will be a rebound from the upper border of the descending channel. Earlier, a signal of medium strength was received for the sale of the Bitcoin Cash cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 123. The nearest resistance area for Bitcoin Cash is at the level of 130. The support area for BCH/USD is at the level of 110.
Cancellation of the option of falling quotes of the BCH/USD crypto asset will be a strong increase in the value of the asset and a breakdown of the upper border of the Cloud of the Ichimoku Kinko Hyo indicator with the price closing above the level of 135. This will indicate a change in the downtrend in favor of a bullish trend and continued growth of the cryptocurrency. Expect an acceleration in the fall of BCH/USD quotes with a breakdown of the support area and the closing of quotes below the level of 105.
Bitcoin Cash Forecast and Analysis August 31, 2022 suggests an attempt to correct the cryptocurrency and test the level of 120. Where can we expect the Bitcoin Cash rate to continue to fall with a potential target near the level of 90. In this case, it is worth considering the continued growth of the asset’s rate with a potential target at the level of 175.
