- Bitcoin Cash has moved 4.3% higher as positive crypto sentiment returns.
- There has been an inverse head and shoulds reversal pattern confirmation.
Bitcoin Cash 4-Hour Chart
On the four hour chart below you can see a classic reversal head and shoulders formation.
The neckline has broken to the upside but we are still waiting for a candle close.
The head and shoulders target price is around 244.31 as the whole pattern length equates to 11.96%.
We have also seen a similar pattern form on Bitcoin (BTC/USD).
Another important factor is the price holding above the 200.00 psychological level.
Bitcoin Cash Daily
The daily chart is still very bearish so bear that in mind with this reversal pattern above.
Also the top of the previous consolidation pattern at 240.30 could act as resistance.
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