Bitcoin cash will have to hold this ground to guide against the further downward pressure and the closest support expects the coin at $550.
On the upside, a sustained move above $600 may ease the initial downside pressure and create momentum for the bulls with the focus to move the market to the next resistance levels of $700, $750, and $800 respectively.
However, we realize that the previous uptrend within the channel was necessary for the bullish action.
When compares with Bitcoin, the daily chart reveals that the bears have been dragging the coin to the south.