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$BCH straight-up bearish right now, but I'm seeing room for a quick technical bounce if things line up. For trading on 1-hour timeframe, my bias is cautious short with a bearish lean, but keep an eye for a scalp long if we get a rebound.
Volume tells a story: That big drop in the latest 1h candle (from 613.97 down to 601.02) came with hefty volume at 87K, which screams sellers piling in hard – classic capitulation vibe. The follow-up candle? Barely any action, so more like a timeout than a turnaround.
Capital flows are screaming red flags too. Contracts are bleeding out: -$25.5M in the last hour, -$28.5M over 4 hours – futures folks are dumping longs or piling into shorts. Spot's no better, with -$2.9M (1h) and -$3.4M (4h) outflows, just pure selling pressure across the board. For this short-term look, those 5m to 4h flows are key and they're all pointing down.
For shorts entries
$BCH : I'd wait for any pop back to that resistance cluster around the 20-MA/Bollinger mid at ~612.88 or Resistance level at 614.99 – perfect spot if it's weak volume and we see rejection like a pin bar or engulfing.
On the flip, if you're aggressive and spot a reversal setup (hammer or bullish engulfing with rising volume) near support at 591 or the swing low ~595, a quick long scalp
$BCH could work – RSI6 is oversold and we're hugging the lower Bollinger, so counter-trend potential there. But yeah, risky as hell.
Stops: For a short around 614, set it above Resistance at 628.96 or tighter over 620. For the long near 592, below Support at 581 or 595
Targets: Short could hit Support at 591, or lower to next support at 581 if it breaks. For the scalp long, aim for Resistance zone at 614.99 or MA5 ~608.91
Anyone else feeling this setup?
#BCH #bchusdt #BitcoinCash