Bitcoin Cash Price Analysis: BCH/USD Tumbles, Sell on Rallies

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Key Points Bitcoin cash price failed to move past the $580-600 resistance and tumbled against the US Dollar. There was a break below a key bullish trend line with support at $500 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair traded below the $475 level and it is currently correcting higher towards $500-510. Bitcoin cash price traded sharply lower below $500 against the US Dollar. BCH/USD could correct higher, but it remains sell on rallies near $510 and $530. Bitcoin Cash Price Decline Yesterday, bitcoin cash price made an attempt to break the $580 and $600 resistance levels against the US Dollar. The BCH/USD pair failed to move past $600, which resulted in a bearish reaction. The price dropped abruptly and broke many supports such as $550 and $520. It even settled below the $520 pivot level and the 100 hourly simple moving average.