🐻 $BCH
Short Idea: Momentum Stretching Near Major Resistance!
While Bitcoin Cash ($BCH) has shown impressive strength recently, the current move at $623 is looking overextended. We are seeing signs that "short-term euphoria" may be meeting a heavy supply wall.
📉 Trade Setup: BCH/USDT (Short)
Entry Zone: $625 – $635
Target 1: $605 (Support Retest)
Target 2: $593 (SMA-20 Alignment)
Stop Loss: $655 (Above recent highs)
🔍 Technical Breakdown
Overbought Signals: The RSI(7) is currently screaming near 75, suggesting the asset is locally overbought and due for a cooling-off period.
Overhead Resistance: Price is battling the SMA-200 (~$628), which acts as a major psychological and technical barrier.
Sentiment Check: While social sentiment is leaning heavily bullish, MACD is becoming extended. Pullbacks are natural and healthy in this environment to shake out "weak hands" before any further upside.
💡 Strategy
Expect a potential pullback toward the $605 – $593 zone if volume begins to fade near these resistance levels. Manage your risk carefully, as a clean break above $655 would shift the bias back to the bulls.
Trade with discipline! 📉
By: Nabiha Noor
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