Bitcoin Cash Price Analysis: BCH/USD Extends Its Decline

Key PointsBitcoin cash price failed to move above the $1,350 resistance and declined sharply against the US Dollar.
There is a major bearish trend line formed with resistance at $1,250 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is currently correcting higher, but it may face many barriers on the upside near $1,240-50.Bitcoin cash price is under pressure below $1,300 against the US Dollar. BCH/USD is likely to extend declines further if it fails to move above $1,250