Bitcoin Cash Price Analysis Shows Altcoin Has Bullish Short-Term Bias

Bitcoin Cash price analysis shows that the altcoin is currently in a bullish short-term bias but has a bearish medium-term trading outlook as per the four-hour time frame which shows a head and shoulders pattern forming. Let’s find out more about the price in the Bitcoin Cash news today.

The daily time frame shows also a neutral wedge pattern forming. The Bitcoin Cash Price Analysis shows the altcoin is on a wild ride since the middle of September with the BCH/USD pair reversing from the $330.00 level towards the $197.00 level and then recovering to the $300.000 level. The pair is now in a consolidation phase around the $290 level before deciding the next move and its direction. Bitcoin Cash trades around 45 percent higher since October 23^rd and trades around 2 percent in the green as November started.

The market is still into a bear mode and a further correction could be on the horizon for the BCH/USD pair but the cryptocurrency has been resilient to the major selling pressure this month. The short-term analysis suggests that the buyers can surely make gains above the $305.00 level and the BCH/USD pair could even pose a strong rally towards the $390 level. By looking at the bear case, the head and shoulders pattern has a $30 downside projection that has taken shape on the four-hour time frame and for the decline to take place, the sellers will have to keep the price at the $270 level.

The medium-term analysis shows that the BCH/USD pair is trading within a wedge pattern and the wedge pattern shows a huge trading ban spanning from the $215 to $305 level. Overall, a further breakout above the $305 could provoke another rally towards the $390 while the decline could bring us to the $270 level which could trigger a decline back to the $240.00 level. According to the latest sentiment data, the short-term sentiment towards Bitcoin Cash is at 78 percent while the overall long-term sentiment for the crypto is neutral and stands at the 48 percent range.

The four-hour time frame shows that a head and shoulders pattern has formed while the pair is likely to rush towards the $335 level if the pattern is invalidated. The key technical resistance for the pair above the $305 level is currently located at the $325 and $390 level. The four-hour time frame shows that the pair formed a bearish head and shoulders pattern and a neckline of the pattern located at the $270.00 level.