The price of Bitcoin cash has been struggling to settle beyond the 900 USD support level and even went on to decline further against the USD. From the chart, we can see a significant bearish pattern forming with major resistance at 850 USD via the hourly chart of BCH/USD. All signs indicate that the pair may not hold the 825 USD level as it has been struggling in the current price movement. The digital token initiated a downtrend movement after facing stiff resistance at the 900 USD level against the USD. The digital token must now hold the 825 USD support to halt a bearish pattern.
Bitcoin Cash Price Trend
We can see from the chart that there was a minor recovery initiated after the token rallied from the 799 USD low against the USD in recent days. Bitcoin Cash’s price managed to climb above the 840 USD and 850 USD resistance levels to force a recovery. At some point, the digital asset traded a few points beyond the 900 USD resistance level before sellers started to appear. There wasn’t any close above the 900 USD resistance, which eventually resulted in a bearish action. The price of BCH sharply declined after that and slipped below the 850 USD support.
There was a break beneath the 50 percent Fibonacci retracement level from the last wave beginning at 799 USD to 910 USD. The downside move made prices to close below the 840 USD level and the 100 moving average. Presently, prices are holding important support at 825 USD, and it also coincides with the 76.4 percent Fibonacci retracement level from the last wave beginning at 799 USD to 910 USD. Should a downside slide below 825 USD happen, prices may come under serious pressure. From the upside, there’s a major bearish pattern with 850 USD as resistance on the hourly chart.
The BCH/USD pair is at risk of a downward break below the 825 USD level.