BCH faces a key breakout resistance at $620.
The price of Bitcoin Cash struggles to recover above $620 against the USD. This is similar to bitcoin. BCH/USD is still at a risk of even more downsides lower than $560.
The Price of BCH
After the struggle over $700, bitcoin cash price began a fresh decline. BCH broke the $620 support level and the 55 simple moving average to move into a bearish zone.
Also, there was a break below the $600 level. The price traded at $545 and it started an upside correction lately. There has been a break above the $580 level. The price then traded above the 23.6% Fib retracement level of the key drop from the $735 high to $545 low.
The price then climbed over the $620 level. But it failed to clear the $640 resistance level. It looks like the price has been rejected around the 50% Fib retracement level of the key drop from the $735 high to $545 low.
Furthermore, there is also a key bearish trend line that forms with resistance close to $620 on the 4-hours chart of the BCH/USD pair. The pair now trades below $600 and the 55 simple moving average. If ever the price continues to stay lower than $600, then there will be a risk of even more losses.
The initial support on the downside is close to the $575 level. The next main support is around the $550 level, below which BCH price might dive towards the $510 level. On the contrary, a clear break over the $620 is a must to begin the steady increase. The next key resistance is around $650.
Bitcoin cash price clearly trades below $600 and the 55 simple moving average. In total, the price can extend its decline unless there will be a clear break between $600 and $620.
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