Cake

$BCH Daily line is likely to have a false breakout, then look for a bearish butterfly to directly crash down, killing all those who chased the long position. It's a bit early to short now, waiting to short again at 670.

The reason for the surge of $BCH yesterday was due to its technological upgrade and news that it would raise $500 million. I believe the technological upgrade will further increase its price, but the $500 million is scheduled to be settled in December 2025. The early release of positive news is a further move by the manipulators. Personally, I think it has already shown signs of being overbought. After all, no one wants to miss the funding rise in December. But will the funds for December's settlement be a one-time purchase or in batches? I believe that as long as it is capital, it will definitely be in batches. Buying in but definitely not after we receive news of a surge. Therefore, this spike is highly likely to be the manipulators offloading, while accumulating at lower levels. The price will definitely rise, but please open positions rationally. I still hold my opinion of being bearish.
515 is the support level below.
565--580 is the resistance level above.
615 is a stronger pressure level in the near future.

$M The trading methods of this exchange have problems, leading to a lack of popularity and trading volume. To put it bluntly, 99% of the holdings are controlled by the market maker, and there is hardly any funding among retail investors. The market maker operates many accounts to drive up prices, which are essentially just buying and selling among themselves. For example, if account A buys in but doesn't have enough short positions to sell out, it will forcibly liquidate the long positions of market maker account B. Then, if account C buys in, it will screen account A's long positions because there is no counterparty. Therefore, the contract's open interest cannot rise. Regardless of whether the price skyrockets or plummets, the open interest has been stagnant for a long time. In the end, the market maker has incurred a lot of fees and has achieved a facade of false profits (positions cannot be closed because the money belongs to the market maker, retail investors haven't lost anything, and money won't increase on its own; it will only show huge profits, but closing positions would result in losses). Now the awkward point is that the market capitalization is too high, and directly driving the price up several times would expose short positions while also trying to create hype, but the market maker doesn't have that kind of strength.

$M This coin can be seen even if one is out of their mind, with a market value of billions and almost no trading volume! The actual purpose is to sell off but cannot sell out!