Bitcoin Cash price analysis: BCH/USD is range-bound, but still on the verge of another breakdown

Bitcoin Cash has extended declines on Thursday, while the entire market is drowning in the sea of red rough waters. The market has come under heavy selling pressure lately, similarly, Bitcoin Cash has trimmed gains to test the lows in the month of June. Moreover, the crypto is currently range-bound with the upper limit at $816.51 and a lower limit of $653.63.

The trading volume according to CoinMarketCap has been decreasing by large margins in the past few days. Bitcoin Cash trading volume on July 10 was $374,506,000 while at the close of the trading on Wednesday 11, it was $321,031,000. Similarly, its market capitalization has dropped from approximately $12.6 billion to $11.8 billion in the same period.

Technically, Bitcoin Cash is changing hands at $677 while the immediate resistance is highlighted at $700. The moving averages will also offer resistance towards the upper long-term supply zone at $900. The 50 SMA at $763.73 and the 100 SMA further up at $806.20. In addition to that, the 23.6% Fib retracement level with the last swing high of $1,783.14 and a swing low of $605.19 marginally below $900 will also cap the gains to the upside. In the meantime, technical indicators show that BCH/USD is prime for more declines in the short-term.