Bitcoin Cash price analysis: BCH/USD price moving in lock-step, correcting higher in recovery attempts

The bears are in control of Bitcoin Cash price resulting in a 4% drop in value. The currency dipped from a high of $1,219 after failing to break past the major resistance level at $1,220. It went to lows of $1,444 and has since been trading in lock-step amidst recovery attempts.

Since the downside momentum was initiated, the price has been trading in a descending channel. The selling pressure in the market is significant; however, it is unclear what is triggering the price movement. Bitcoin Cash is now trading below the 100-simple moving average on the intraday chart to show that the short-term momentum could remain bearish. During the downside trend, the price broke past key support areas at $1,200, and $1,550 levels. The support level at $1,440 prevented further declines.

Currently, BCH/USD price is testing the 23.6% Fib retracement level of the previous low at $1,440 and a swing high of $1,250. The crypto is experiencing a bearish force at this level which is also acting as a short-term resistance. The major resistance level is still at $1,220.