Bitcoin Cash Price Weekly Analysis: BCH/USD Bullish Above $1,200

Key Points

• Bitcoin cash price remained in a positive zone above the $1,000 level against the US Dollar.
• There is a major bearish trend line forming with resistance near $1,200 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
• The pair has to settle above the $1,200 barrier to gain traction in the near term.

Bitcoin cash price is placed in a bullish zone against the US Dollar. BCH/USD will most likely trade in a range before making an attempt to surpass $1,200.

Bitcoin Cash Price Resistance

There were a few swing moves above the $1,000 level this past week in bitcoin cash price against the US Dollar. The price dipped once towards the $1,000 support with a minor bearish angle. There was a break below the 23.6% Fib retracement level of the last wave from the $868 low to $1,219 high. However, declines were limited as the price found support around the $1,040 level. Moreover, the 100 simple moving average (4-hours) also acted as a major support around the $1,040 level.

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