🔹 Market Information
• Current Price: $423.68
• 24h Volatility: +1.01%
• 24h Trading Volume: $272 million
• Market Capitalization: $8.1 billion
• Data Source: Yahoo Finance
📊 Technical Analysis
BCH is currently trading around $423.68, after reaching a recent high of $438. The upward momentum is slowing, with the RSI indicator declining from 66.67 to 60.46, indicating weakening bullish momentum. The important support level is at $415; if broken, the price could drop to the $375 range. Conversely, if it surpasses $438, BCH could aim for the $455 target.
🪙 Spot Trading Strategy
• Strategy: Buy accumulation around the $415 – $420 range if the price holds above the support level of $415.
• Profit Target: $438 – $455
• Stop Loss: Below $410
• Probability: Average (~60%), depends on the ability to maintain the support level and the performance of BTC.
⚔️ Futures Trading Strategy
• Short-term Long Strategy: Open a position when the price surpasses $438 with strong trading volume, profit target at $455 – $470, stop loss below $430.
• Short Strategy: If BCH fails to exceed $438 and BTC continues to weaken, open a Short position with a profit target at $400 – $375, stop loss above $440.
• Probability: Lower Long (55%), Higher Short if BTC weakens (<70%).
⚠️ Warning: Trading BCH futures in a sideways range carries a high risk of being liquidated in both directions if using high leverage. It's advisable to use low leverage and manage risks tightly.
If you find it helpful, please leave a like to support the author. Want to trade BCH? Click on the chart below to place an order directly on Binance.