Bitcoin Cash price analysis: BCH/USD breaks free from the range, bears are celebrating short-term victory

Bitcoin Cash, the fourth largest digital asset with market value $7.8B is changing hands at $452 after a short-lived dip to $440 during early Asian hours. BCH/USD is down 11.3% since this time yesterday, amid strong bearish momentum across all major coins.

What's going on

Bitcoin Cash nosedive took the coin below several key support levels as strong bearish sentiments swept the cryptocurrency markets. While the momentum has faded away, the recovery is still too weak to compensate for losses. The coin was locked in a narrow range for quite a long period of time, which created additional price momentum on the breakthrough.

Bitcoin Cash technical picture

Looking technically, a sharp move below $500 handle clouds the short-term picture and exposes the coin to further losses. A sustainable movement below $440 level (Asian low) will open up the way towards critical $410 (long-term support) followed by psychological $400.

On the upside, the move above $463 (broken downside trendline from July 24 high) is a prerequisite to an extended recovery with the initial aim at $500, followed by $511 (DMA50).

BCH/USD, the daily chart