🚨 $BCH is navigating a choppy consolidation phase, exhibiting a clear bearish bias. Sellers currently appear to dominate the market on the 4-hour timeframe, suggesting a cautious short position.
📉 Volume analysis reveals a consistent pattern: significant spikes during downside moves, like 176k during the dip to 618. Conversely, bounce attempts see volume quickly dissipate, reinforcing a classic bearish setup.
📈 Examining capital flows, short-term contract activity shows some brief positive shifts: -21k in 5m, then +401k in 15m, +1.12M in 30m, and +3.12M in 1H. This might indicate short covering or quick long entries.
However, longer timeframes reveal substantial outflows: -2.81M in 4H, -8.87M in 6H, and -9.51M in 12H. Spot flows also show consistent drains, with -3.74M in 4H, -7.61M in 6H, and -9.93M in 12H, indicating major players reducing holdings and amplifying downside pressure. 🛑
➡️ For an Entry short on BCH, consider waiting for a bounce towards the Resistance level around 647.3. Alternatively, a decisive break below the Support zone at 601.6, confirmed by a volume spike, could offer an Entry point.
🛡️ Implement a prudent SL 3-5% above your Entry. For example, if shorting at 647, set your SL between 665-680 to account for potential market swings.
🎯 Primary TP targets for BCH are around the Support level at 585.5. A further drop could potentially see a 5-10% decline from current levels if the bearish scenario unfolds.
$BCHUSDT
#BCH #bchusdt
#BitcoinCash