There were non-stop gains in BTC/USD, which pushed bitcoin cash price below the $1200 support against the US Dollar. The price made a minor correction, faced sellers near $1400 and started a fresh downside move. It failed to move above the 38.2% Fib retracement level of the last drop from the $1550 high to $1300 low. The recent decline was such that the price broke the $1300 low and even cleared the $1200 support.
A new low was formed at $1150.10 from where the price is currently correcting. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1470 high to $1150 low. On the upside, there are two main bearish trend lines forming with resistance at $1250 and $1430 on the hourly chart of BCH/USD. The first trend line is also near the 38.2% Fib retracement level of the last decline from the $1470 high to $1150 low.