Bitcoin Cash price analysis: BCH to fall below $450 as selling pressure escalates

TL;DR Breakdown Bitcoin Cash price analysis suggests decay to the $400 markBCH faces resistance at the $550 markThe closest support level lies at $500 The Bitcoin Cash price analysis shows that BCH has observed a steady to the $500 support with a set of lower highs set up in the last week. The selling pressure continues to rise as the bullish sentiment dies down. The market outlook is very negative suggesting a sharp drop towards the $400 mark. The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include DOT and SOL, recording a 6.36 and a 6.25 percent decline, respectively. Bitcoin Cash price analysis: Market observes steady decay Technical indicators for BCH/USDT by Tradingview Across the technical indicators, the MACD is currently bullish, as expressed by the green histogram. However, the indicator shows little bullish momentum as the size of the histogram is tiny at press time. As BCH continues oscillating around the $510 mark, the indicator would continue to observe low momentum as it has observed in the last three days.  The EMAs are currently moving horizontally as BCH observes little to no market activity. The two EMAs are currently trading close to each other showing little to no divergence as traders continue speculating.  The RSI was down in the oversold region yesterday but has shown ...