Bitcoin Cash Price Analysis: BCH/USD Reverses Sharply Below $540

Key PointsBitcoin cash price failed to hold gains above $540 and declined sharply against the US Dollar.
There was a break below a major bullish trend line with support at $530 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair declined heavily and retested the $500 and $510 support levels where buyers emerged.Bitcoin cash price formed a top near the $575 level and declined against the US Dollar. BCH/USD is holding the $500 support, but it remains at risk of more losses.
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