Key PointsBitcoin cash price failed to recover and declined further below $740 against the US Dollar. This week’s highlighted crucial bearish trend line is intact with resistance at $745 is intact on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is likely to extend the current decline back towards the $680 level in the near term. Bitcoin cash price declined heavily below $740 against the US Dollar. BCH/USD remains at a risk of more losses below the $700 level. Bitcoin Cash Price DeclineYesterday, there was a minor recovery above the $750 level in bitcoin cash price against the US Dollar. However, the BCH/USD pair failed to hold gains and declined back below $750 and $740 support levels. It traded close to the $700 level and formed a low at $705. The current bias is very negative since the price is placed well below the $750 level and the 100 hourly simple moving average. If the price breaks the $705 low, it could decline sharply in the near term. The next support below $700 is at $680, which may act as a decent buy zone. Below this, the price could revisit the $650 support area. On the upside, an initial resistance is the 23.6% Fib retracement level of the last drop from the $840 swing high to $705 low. More importantly, this week’s highlighted crucial bearish trend line is intact with resistance at $745 is intact on the hourly chart of the BCH/USD pair. Above the trend line, the next resistance is near the $770 level and the 100 hourly SMA. Looking at the chart, the price is clearly in a major downtrend below $750. Should there be a break below $705, it won’t be easy for BCH buyers to bounce back. Looking at the technical indicators:Hourly MACD – The MACD for BCH/USD is placed heavily in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now near the oversold levels. Major Support Level – $705Major Resistance Level – $745 Bitcoin Cash Price Analysis: BCH/USD Primed for More Declines was last modified: August 3rd, 2018 by Aayush Jindal