Bitcoin Cash Price Weekly Analysis: BCH/USD Gaining Upside Momentum

Key Points

• Bitcoin cash price is back in a positive zone and $1,000 with bullish signs against the US Dollar.
• There was a break above a crucial bearish trend line with resistance near $980 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
• The pair is now above the $1,040 level and the 100 simple moving average (4-hours).

Bitcoin cash price is gaining bullish momentum above $1,000 against the US Dollar. BCH/USD has to move above $1,100 to accelerate gains in the near term.

Bitcoin Cash Price Trend

This past week, there were mostly range moves below $1,040 in bitcoin cash price against the US Dollar. The price was struggling to gain pace above the $1,020 and $1,040 resistance levels. Finally, there was an upside break and the price settled above the $1,040 level and the 100 simple moving average (4-hours). During the upside move, the price broke many hurdles, including the $1,000 barrier.

Moreover, there was a break above the 38.2% Fib retracement level of the last decline…