Bitcoin Cash Price Analysis: BCH/USD Back Bearish Below $550

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Key PointsBitcoin cash price is under a lot of pressure as it broke the $540 support area against the US Dollar.There was a break below a crucial bullish trend line with support at $555 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair may perhaps continue to move down if sellers manage to push the price below $500.Bitcoin cash price declined below the key support at $540-550 against the US Dollar. BCH/USD is back in a bearish zone towards $500 and $480.Bitcoin Cash Price DeclineThere was a fresh start of a downside move from the $580 and $600 swing highs in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $560 and $550 support levels. The decline was crucial as the price broke the 50% Fib retracement level of the last wave from the $470 swing low to $610 swing