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  • Bitcoin Cash trading volume drops 23.56% in the last 48 hours.
  • Bitcoin Cash is on the verge of a breakdown towards $800 if $820 support gives in.

Bitcoin Cash is struggling to maintain the support above $830, especially now that it has broken Andrews Pitchfork support as seen in the chart. Consequently, after trading the double-top pattern explored the previous Bitcoin Cash price analysis. The upside has been limited below $874since Tuesday.

Bitcoin Cash is the 4th largest cryptocurrency in the industry with a market cap according to CoinMarketCap data of $14.6 billion. Bitcoin Cash trading volume is plunging, similarly, there is a 23.56% drop in the volume in the past two days. The volume is $641 million in the last 24 hours; which is quite a big drop from $905 million two days ago.

Technically, the trend is strongly bearish at the time of press. Bitcoin Cash is likely to break the support at $830 and test the next support target at $820 before bouncing upwards. But first, the 50 simple moving average on the 30-minutes chart resistance at $840 must be cleared before advancing towards $853.07 and $860 supply zones. BCH/USD could break down further if it fails to hold the support at $820. A downside stretch towards $800 and eventually $780 (major support) is likely to add sorrow to the gloomy faces of the investors.

BCH/USD 30-minutes chart