Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $550

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Key Points Bitcoin cash price started consolidating losses after trading to the $540 low against the US Dollar. There is a key connecting bearish trend line formed with resistance at $580 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair might continue to struggle to break the $580 and $600 resistance levels in the near term. Bitcoin cash price is under pressure below $600 against the US Dollar. BCH/USD may perhaps attempt a recovery if buyers push the price above $580 and 100 SMA. Bitcoin Cash Price Resistance There were heavy declines noted in bitcoin cash price below the $650 pivot level against the US Dollar. The BCH/USD pair declined below the $600 and $550 support levels and traded to a new low at $540. Later, the price found support and started a minor upward move above $550. It also broke the 23.6% Fib retracement