The Bitcoin Cash cryptocurrency is trading at the level of 666.37. The quotes continue to move within the correction and the formation of the "Triangle" model. The BCH/USD rate is trading below the lower limit of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bearish trend for Bitcoin Cash. As part of the Bitcoin Cash exchange rate forecast for June 8, 2021. An attempt to raise the price of the digital asset and test the lower border of the Ichimoku indicator Cloud near the level of 675.55 is expected. From where we can expect a rebound and a continuation of the fall of the BCH cryptocurrency with a potential target below the level of 408.65.
An additional signal in favor of such a scenario in the market will be a test of the resistance area. The second signal in favor of a decline will be a rebound from the upper limit of the "Triangle" model. Earlier, a weak signal was received for the sale of the Bitcoin Cash cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 670.05. The nearest resistance area on the cryptocurrency chart is located at the level of 765.65.95. The nearest support area for BCH/USD is located at the level of 592.92.
Bitcoin Cash signal and analytics for June 8, 2021
The cancellation of the option to reduce the quotes of the BCH/USD crypto asset will be a strong increase in the value of the coin and a breakdown of the upper border of the Ichimoku indicator Cloud with the price closing above the level of 765.05. This will indicate a change in the downtrend in favor of a bullish trend and a continued increase in the value 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 under the level of 540.05, which will indicate a breakdown of the lower border of the "Triangle" model.
Thus, the Bitcoin Cash forecast and analytics for June 8, 2021 suggests an attempt to correct the cryptocurrency and test the level of 675.55. Where should we expect a continuation of the fall in the Bitcoin Cash rate with a potential target near the level of 408.65. The cancellation of the decline option will be a strong growth and a breakdown of the area of 765.05. In this case, it is worth considering the continuation of the rise of the asset rate with a potential target at the level of 825.05.