Bitcoin Cash Price Decline :
There was a rejection noted around the $820 zone in bitcoin cash price against the US Dollar. The BCH/USD pair failed to break the 100 hourly simple moving average and $830. As a result, there was a sharp decline and the price tumbled below the $800 and $770 support levels. During the decline, it even settled below the last swing low at $780. Moreover, there was a break below the 1.236 Fib extension level of the last wave from the $779 low to $840 high.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now in the oversold zone.
Major Support Level – $720
Major Resistance Level – $770