Bitcoin Cash Price Analysis: BCH faces mounting selling pressure between $640 – $657

TL;DR Breakdown Bitcoin Cash is showing signs of bearish weaknesses on the daily chartBulls shift attention to defending the $640 support (78.6 percent FIB retracement leel)Bollinger Band moving average is downsloping and exerting pressure on the BCH price action Bitcoin Cash is showing signs of bearish weaknesses on the daily chart after the tight range movement shifted its direction downwards to suggest chances of a breakdown. After the Bitcoin hardfork attained a daily high of $651 towards the close of yesterday’s session, the bears came in and pulled the price towards the $625 region. The drop in BCH/USD price can be attributed to the increasing olume of profit-taking traders. This situation has resulted in failure to break through the $680 region and attain the upper target of $700.  Our Bitcoin Cash price analysis indicates the bulls could be exhausted and might fail to steer the price towards another rally. The MACD shows momentum has drastically dropped in the last 24-hours.  This has made the bulls shift attention to defending the $640 support leel, which also serves as the 78.6 percent FIB retracement leel. The In/Out of the Money Around Price (IOMAP) indicates bearish weaknesses below this support, suggesting that a break below $640 would attract heavy losses and lead to close near $600.  The next main support below $600 is the $548 region. However, this one is strong support, and the bulls would sustain ...