- Head and Shoulders well in place for BCH.
- Breakout or breakdown is the question.
Bitcoin Cash, that faces hard fork on the November 15th, and is down almost $100 from this week’s high, has another technical pattern that would result in some sharp moves on the price after the price breaks past those key levels on the H&S pattern. (Read earlier article here)
BCH/USD is up about 0.4 percent on day at $547.94 and exactly at the middle point of day’s range. On the 240-minute chart of the ambitious cousin of the largest crypto Bitcoin, BCH has formed a H&S pattern that is looking for direction.
Given the imminent hard fork on November 15th, it is more likely that the price breaks out on the upside. Upside targets of this breakout would be around $690. If bulls are able to do that, this will also result in breaking of the double top that formed around recent high of $646.
BCH/USD 240-minute chart:
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