Bitcoin Cash needed to defend $668.5 support to avoid a breakdown from its 20-SMA.
Meanwhile, Bitcoin was trading at $60,217 with a market capitalization of over 1.1 trillion.
Bitcoin Cash needed to hold on to $668.5 support over the coming sessions to avoid a breakdown from its 20-SMA (red). Additional support areas lay at $629.6 and at $600 and these levels would be in focus in case of a southbound move.
A bearish divergence on the MACD lent weight to a breakdown prediction. The Signal line even crossed above the MACD line as bears sought to control the market. The RSI pointed south from 52 and a dip below 40 could even see BCH lose out on the $600 level. A stronger region of support lay at $550 as it coincided with the 200-SMA (green), but a dip below this could be damaging for BCH’s mid-long term trajectory.