Bitcoin Cash has retested the March 18 lows of $884.7951, as forecast in our previous analysis. The next support on the downside is a fall to the February 06 lows of $778.2021. If this level breaks, the slide can extend till $600 levels.
Any pullback to the upside will face selling at the 20-day EMA, which has acted as an important resistance on previous occasions.
The flattening 50-day SMA points to a range bound action, but we should suggest a buy on the BCH/USD pair only after we get a confirmation of a bottom formation. We believe that $1,200 is a good level to enter long positions.