Bitcoin Cash Price Weekly Analysis – BCH/USD Remains in Uptrend

Key Points

• Bitcoin cash price corrected lower and tested a major support at $1,240 against the US Dollar.
• There is a major bullish trend line forming with support near $1,320 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
• The pair remains in an uptrend and it could soon break the $1,500 resistance for more gains.

Bitcoin cash price is bullish above $1,300 against the US Dollar. BCH/USD may continue to grind higher in the near term towards $1,500 and $1,600.

Bitcoin Cash Price Trend

After a solid rally, bitcoin cash price topped around the $1,576 level against the US Dollar. A downside correction was initiated and the price moved below the $1,500 level. The price also declined below the 23.6% Fib retracement level of the last upside leg from the $1,030 low to $1,576 high. It opened the doors for a larger correction and the price even broke the $1,300 support level.

However, the decline was protected by the $1,240-50 zone. Moreover, the 61.8% Fib retracement level of the…