Cryptocurrency Bitcoin Cash is trading at 186. Quotes continue to move as part of a correction and a 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 24, 2023. An attempt is expected to develop a rise in the price of a digital asset and test the lower boundary of the Ichimoku Kinko Hyo Indicator Cloud near the level of 190. 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 145.
Bitcoin Cash Forecast and Analysis for August 24, 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 strong signal for buying cryptocurrency Bitcoin Cash. The signal was formed due to the crossing of the signal lines at the level of 185. The nearest resistance area for Bitcoin Cash is at the level of 205. The support area for BCH/USD is at the level of 165.
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 215. This will indicate a change in the bearish trend in favor of a bullish trend and continued growth of the cryptocurrency. It is worth expecting an acceleration in the fall of BCH/USD quotes with a breakdown of the support area and closing quotes below the level of 175.
Bitcoin Cash Forecast and Analysis for August 24, 2023 suggests an attempt to develop a cryptocurrency correction and a test of level 190. Where can we expect the Bitcoin Cash rate to continue to fall with a potential target near the level of 145. A strong increase in the price of the asset and a breakdown of the area of 215 will cancel the decline option. In this case, it is worth considering the continuation of the rise in the asset rate with a potential target at the level of 265.
