Cryptocurrency Bitcoin Cash is trading at 225. Quotes continue to move as part of the fall and the bearish channel. BCH/USD is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a medium-term sideways trend for Bitcoin Cash. As part of the forecast for the Bitcoin Cash cryptocurrency exchange rate on August 17, 2023. An attempt is expected to develop a rise in the price of a digital asset and a test of the upper border of the Ichimoku Kinko Hyo indicator cloud near the level of 230. 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 200.
Bitcoin Cash Forecast and Analysis for August 17, 2023
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 bearish channel. Previously, there was a weak signal for buying cryptocurrency Bitcoin Cash. The signal was formed due to the crossing of the signal lines at the level of 235. The nearest resistance area for Bitcoin Cash is at the level of 240. The support area for BCH/USD is at the level of 215.
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 240. This will indicate a change in the bearish trend 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 closing of quotes below the level of 215.
Bitcoin Cash Forecast and Analysis for August 17, 2023 suggests an attempt to develop a cryptocurrency correction and a test of the level of 230. Where can we expect the Bitcoin Cash rate to continue falling with a potential target near the level of 200. A strong increase in the price of the asset and a breakdown of the 240 area will cancel the decline option. In this case, it is worth considering the continuation of the rise in the asset’s rate with a potential target at the level of 285.
