Bitcoin Cash has been one of the worst performing cryptocurrencies in March, with the BCH/USD pair trading nearly 50 per cent below its monthly price open.
Bitcoin Cash price analysis shows that the cryptocurrency could fall towards the $100.00 level if price starts to hold below the $175.00 level.
Bitcoin Cash medium-term price trend
Bitcoin Cash has been under heavy selling pressure this week, as the fifth-largest cryptocurrency by market capitalisation continues to weaken below the $200.00 level.
The BCH/USD pair has yet to find meaningful technical support, and still remains vulnerable to further losses towards the 2019 trading low.
Bitcoin Cash technical analysis shows that the cryptocurrency could test towards the $100.00 support level if the price starts to settle below the $175.00 level.
All key Fibonacci support has now been broken, with the cryptocurrency officially moving into a bear market.
Traders that are bullish towards the BCH/USD pair over the long-term may await price to reach extreme bargain levels.
Overall, trades are unlikely to buy BCH/USD at current levels and may wait for a greater decline towards the $100.00 level.
Bitcoin Cash short-term price trend
Bitcoin Cash technical analysis over the short-term shows that the cryptocurrency is heavily bearish while the price trades below the $370.00 level.
The four-hour time frame shows that a large head-and-shoulders pattern has been triggered.
The size of the pattern indicates that a decline towards the $105.00 level is possible, which would imply more steep losses ahead for BCH/USD.
With this in mind, watch out for a strong counter-rally in the BCH/USD pair if the price reaches the $100.00 to $105.00 level.
Bitcoin Cash technical summary
Bitcoin Cash technical analysis indicates that the cryptocurrency could fall towards either the $100.00 or $105.00 support levels before staging a major recovery.