Cryptocurrency Bitcoin Cash is trading at level 408. Quotes continue to move as part of the development of a correction and a bullish channel. The BCH/USD rate is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a medium-term bullish trend for Bitcoin Cash. As part of the forecast for the price of the Bitcoin Cash cryptocurrency on March 7, 2024. An attempt to develop a correction in the prices of the digital asset and a test of the upper limit of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 385 are expected. Where can we expect a rebound upward and continued growth of the BCH cryptocurrency with a potential target above the level of 535.
Bitcoin Cash Forecast and Analysis for March 7, 2024
An additional signal in favor of such a cryptocurrency movement in the market will be a test of the support area on the cryptocurrency price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, there was a weak signal for sales of the Bitcoin Cash cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 405. The nearest resistance area for Bitcoin Cash is located at the level of 525. The support area for BCH/USD is located at the level of 345.
Cancellation of the option to increase the quotes of the BCH/USD crypto asset will be a fall in the value of the asset and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with the price closing below the level of 335. This will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall of the cryptocurrency. Expect an acceleration in the growth of BCH/USD quotes with a breakdown of the resistance area and closing of quotes above the level of 460, which will indicate a breakdown of the upper boundary of the downward correction channel.
Bitcoin Cash Forecast and Analysis for March 7, 2024 assumes an attempt to develop a bearish correction of the cryptocurrency and a test of the level of 385. Where can we expect continued growth in the Bitcoin Cash rate with a potential target near the level of 535. The cancellation of the rise option will be a fall in the price of the asset and a breakdown of the 335 area. In this case, it is worth considering a continued decline in the asset’s exchange rate with a potential target at the level of 225.
