Bitcoin Cash Price Weekly Analysis: BCH/USD Recoveries Remain Limited

Key Points

• Bitcoin cash price got bid near the $1.130 level and started a recovery against the US Dollar.
• There is a crucial bearish trend line forming with resistance near $1,320 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
• The pair may continue to rise in the short term, but it is likely to face sellers near $1,320-40.

Bitcoin cash price is showing positive signs above $1,150 against the US Dollar. However, upsides in BCH/USD are likely to be limited by the $1,320 resistance zone.

Bitcoin Cash Price Upside Hurdle

This past week, there was a sharp increase in selling pressure on bitcoin cash price above $1,400 against the US Dollar. The price started a downside move and traded below the $1,350 and $1,280 support levels. There was even a break below the $1,200 pivot level, which opened the doors for more losses. It traded close to the $1,120 support level and a low was formed at $1,131.

Later, the price started an upside correction and moved above the $1,120…