Bitcoin Cash broke below the neckline of the head and shoulders pattern on May 16, and the retest of the breakdown levels held on May 20 and May 21.
The BCH/USD pair subsequently broke below the 50-day SMA on May 22. It should now collapse to $650 levels with minor support at $750.
The $558.3870 level has not been broken since November of last year. Hence, traders can buy once the digital currency stabilizes near the key support levels.