Bitcoin Cash Price Analysis: Major trendline has been broken and support levels are in focus

• Bitcoin Cash has been one of the worst performers falling 33.53%.
• The trendline from the higher timeframes has now been taken out.

BCH/USD daily chart

The crypto massacre has taken its toll on all of the crypto majors on Thursday and Bitcoin Cash is one of the worst-hit pairs down over 33%. Only really some of the altcoins have performed worse than BCH The structure of the chart is something we very rarely see in the markets with the most recent move pretty much falling in a straight line. 

Looking closer at the chart now, the blue trendline being broken is a significant event. This line connects the higher lows and can be seen as the underlying trend. There are obviously subtrends in place around the major trend but it looks like the technical trend on the higher timeframes are down. Support levels are few and far between at the moment but the strongest seems to be 176.50 as it has been used on more than 4 occasions. There is another level at 150.00 which is more of a psychological line in the sand and then finally below that the major low of 73.22. 170.00 seems to be doing a good job for now so let’s see if there is an intraday bounce.

Additional levels