• Bitcoin Cash price has formed a potential inverse head and shoulders pattern.
  • Only one key resistance level separates the digital asset from a 20% breakout.
  • Bulls have the upper hand in the short-term after establishing a 4-hour uptrend.

Bitcoin Cash price has been trading below a key resistance level but remains bullish in the short-term. Now, BCH aims for more after establishing a key pattern on the 4-hour chart.

Bitcoin Cash price has to crack this key resistance point

On the 4-hour chart, BCH has formed a potential inverse head and shoulders pattern with its neckline at $545. A clear breakout above this key point would drive Bitcoin Cash price by 20% towards a high of $660. 

bch price

BCH/USD 4-hour chart

According to the In/Out of the Money Around Price (IOMAP) chart, there is practically no resistance. The most significant barrier is located between $528 and $544, coinciding with the neckline of the pattern above. 

bch price

BCH IOMAP chart

On the other hand, although BCH does have strong support on the way down, a breakdown below the key area between $468 and $484 would drive the digital asset down towards $435, and would invalidate the inverse head and shoulders pattern. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week. 

More Cryptocurrencies News

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days. 

More Ripple News

Solana could cross $200 if these three conditions are met

Solana could cross $200 if these three conditions are met

Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.

More Solana News

ALT, WLD, ENA, ID set for $200 million token unlocks next week

ALT, WLD, ENA, ID set for $200 million token unlocks next week

The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP