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  • 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. 

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