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Bitcoin Cash has a bullish short-term bias, with the BCH / USD pair probing its current yearly trading high
A bullish inverted head and shoulders pattern is now visible on the four-hour time frame
Bitcoin Cash has a neutral outlook over the medium-term
Bitcoin Cash / USD Short-term price analysis
Bitcoin Cash has a bullish short-term trading bias, with the BCH / USD pair probing towards its current yearly trading high.
A bullish inverted head and shoulders pattern is now visible on the four-hour time frame, with the BCH / USD pair trading above neckline support.
Technical indicators on the four-hour time frame have turned bullish and are signaling further short-term strength ahead.
BCH / USD H4 Chart (Source: TradingView)
Pattern Watch
The overall bullish objective of the inverted head and shoulders pattern is the December 28th trading high.
Relative Strength Index
The RSI indicator on the four-hour time frame is also bullish and shows scope for further upside.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish, with the MACD signal line and MACD histogram trending higher.
Bitcoin Cash / USD Medium-term price analysis
Bitcoin Cash has a neutral medium-term outlook, with the BCH / USD pair edging higher but still unable to move above its 200-day moving average.
The BCH / USD pair has been steadily advancing since moving above the triangle pattern on the daily time frame, with the cryptocurrency gaining close to twenty-five percent since the bullish breakout occurred.
Technical indicators on the daily time frame are conflicted, with the MACD histogram failing to rise while the RSI indicator remains bullish.
ADA / USD Daily Chart (Source: TradingView)
Pattern Watch
The current yearly trading high and the December 2018 trading high remain near-term bullish targets if the advance in the BCH / USD pair continues.
Relative Strength Index
The RSI indicator on the daily time frame is bullish, although it is nearing overbought territory.
MACD Indicator
The MACD indicator is currently failing to generate a clear trading signal on the daily time frame.
Conclusion
Bitcoin Cash has been steadily advancing since its bullish triangle breakout on the daily time frame, with the cryptocurrency recovering some sixty per cent higher from the worst levels of 2019.
The bullish pattern on the four-hour time frame suggests that the BCH / USD pair may advance to a fresh 2019 trading high in the near-term, with the bullish target of the triangle pattern on the daily time frame extending towards the December 2018 trading high.
For an overview of the Bitcoin Cash project, check out our coin guide here.
Bitcoin Cash Chart
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