Key Points
- Bitcoin cash price is under a lot of pressure and is trading well below the $700 level against the US Dollar.
- There is a major bearish trend line forming with current resistance at $660 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair has to move above $660 and $700 to start a fresh upward wave in the near term.
Bitcoin cash price declined heavily and tested the $625 level against the US Dollar. BCH/USD remains at a risk of more losses as long as it is below $660.
Bitcoin Cash Price Decline
There was a massive drop in bitcoin cash price below the $700 support level against the US Dollar. The price declined and traded below the $650 level. A low was formed near the $625 level from where a minor upside correction was initiated. At the moment, the price is trading near the 23.6% Fib retracement level of the last downside move from the $707 high to $625 low.
More importantly, there is a major bearish trend line forming with current resistance at $660 on the hourly chart of the BCH/USD pair. The pair has to move above the $660 level to start an upside move in the short term. The next resistance could be the 50% Fib retracement level of the last downside move from the $707 high to $625 low at $696. However, the most important resistance is near the $700 level and the 100 hourly simple moving average. A break and close above the $700 level and the 100 hourly SMA is needed for more gains.
On the downside, the recent low near $625 is tiny support followed by the $600 handle.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently showing tiny recovery signs.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just around the 50 level.
Major Support Level – $625
Major Resistance Level – $700
Charts courtesy – Trading View
Jim Kelly 
Ver's BCash is not Bitcoin 
$7000 which was once support has turned into resistance. All rallies are being sold once again.
The lying, scamming shitcoin is dying.
You didn’t mention the lying behind this altcoin in your analysis – why not? That is a major reason for its decline – a complete lack of trust in its mission and the dodgy people behind it.