A lot of folks keep asking me why
$BCH is acting like a sleeping giant lately, or has the market just forgotten about it?
The reality is that while the crowd is busy chasing those meme coins bouncing around,
$BCH has been quietly accumulating around the $198 mark. Looking at the candlestick chart, I see an intriguing tug-of-war between the bulls and bears right at the moving averages.
Hereโs my take from the technical data:
๐น On the 15-minute timeframe, the price is hovering around MA(20) at 199.17 and EMA(9) at 198.82. This indicates that short-term buying pressure is slightly waning, but thereโs no sign of a breakdown yet.
๐น On the 1-hour chart, EMA(9) at 198.88 is acting as a pretty solid psychological barrier. If the price can hold the 198 level, thereโs a high chance for a light PUMP to test the resistance above.
Donโt let these numbers fool you; the game on the 1-hour timeframe shows the bulls are struggling to maintain their position. However, if we break below the 1-hour EMA(9) with low volume, thereโs a good chance weโll see a short-term price slide down to deeper support.
My personal setup for this move is as follows:
๐ Position: LONG with a technical bounce mindset.
๐ Entry: Looking to scoop around the 197.5 - 198.5 range.
๐ TP (Take Profit): Aiming to cash out at 203 - 205.
๐ SL (Stop Loss): Absolutely exit the position if the 1-hour candle closes below 195.5 to protect capital.
Iโm still holding a cautious view, not FOMOing but also not missing the beat if it confirms the trend. What about you guys, looking at the
$BCH chart right now, do you smell money or more risk?
#Crypto #Trading #BitcoinCash
Note: This is my personal view, not investment advice. Trading always comes with risks (DYOR).