Bitcoin Cash price analysis: BCH/USD below key support, more downside in store

Bitcoin Cash is down over 2.5% on the day in line with general bearish sentiments that overtook cryptocurrency markets since the beginning of Friday. There are no easily identified BCH-specific triggers that might have caused the decline. It's just a heard instinct over there. 

Mike Hearn, an early Bitcoin developer, who left the project in 2016, participated in reddit Q&A session after a long time silence, Coindesk reports.

He discussed a lot of topics, including Bitcoin Cash fork. It is worth noting that Hearn himself proposed a hard fork in early 2016, which was voted down. 

In terms of Bitcoin Cash, Mike Hearn believes that the coin has many flaws of the original project and is moving the same way. 

"Bitcoin cash] strongly resembles the bitcoin community of 2014. This is not good," he wrote.

Bitcoin Cash technical picture

BCH/USD touched the low at $612.78 before recovering to $617.00. The coin is under pressure as long as it stays below $620 with the next downside target seen at $523 (November 8, 2017 low).  On the upside, the resistnace is seen at $640 with 100-EMA (hourly chart) at $643.

BCH/USD, the hourly chart