Why:Bitcoin Cash goes down 7%, $700 may be under threat

Bitcoin cash changing hands at $744, having lost nearly $100 in just three days. The coin is down 7% on a daily basis and 4.4% since the start of the day amid general sell-off on the cryptocurrency market.

Bitcoin Cash is the fourth largest coin with market cap over $12.9B. The trading volume stabilized at $461M with OKEx has the most significant share of BCH transactions against USDT. BCH/USD is most actively traded on Bitfinex.

Bitcoin Cash technical picture

From the technical point of view, Bitcoin Cash has recovered from early Asian low registered at $735, however, the upside momentum is nowhere to be seen. The first important resistance area comes at $776, but the bulls have to regain $800 to mitigate bearish pressure at least in the short-term. On the downside, a sustainable movement below $735 will open the way towards $700 and furthe down to $650.

BCH/USD, chart