$BCH flipped $260 from ceiling to floor this week, and as i write this it's still parked right on it at $260.5.
that $260 was yesterday's high. price pushed through, came back down to test it, and instead of falling through, buyers defended it. a former lid acting as a shelf is the cleanest tell that a move still has legs under it.
the tape agrees. bch is up 6.57% on the week and 20.76% on the month, and it beat bitcoin by 3.8 points over the last seven days. daily rsi at 60 is right in the pocket, not stretched thin.
here's the honest part. volume the last five days is running 0.54x the prior stretch and the macd histogram is still negative. this is a quiet grind, not a stampede. i still think it works higher, because the one level that matters is holding and the bids keep showing up to defend it.
where $BCH trades this second: $260.5, near the top of a 24h range that ran from $246.5 to $265.2. if it holds $260, i think bch grinds up to the 10-day swing high at $272.2, about 4.7% away. if it loses $260, i'm wrong on this and there's nothing to defend, and anyone long from here is staring at a slide back toward $246.5.
$BCH holding $260, or losing it back to $246.5?
that $260 was yesterday's high. price pushed through, came back down to test it, and instead of falling through, buyers defended it. a former lid acting as a shelf is the cleanest tell that a move still has legs under it.
the tape agrees. bch is up 6.57% on the week and 20.76% on the month, and it beat bitcoin by 3.8 points over the last seven days. daily rsi at 60 is right in the pocket, not stretched thin.
here's the honest part. volume the last five days is running 0.54x the prior stretch and the macd histogram is still negative. this is a quiet grind, not a stampede. i still think it works higher, because the one level that matters is holding and the bids keep showing up to defend it.
where $BCH trades this second: $260.5, near the top of a 24h range that ran from $246.5 to $265.2. if it holds $260, i think bch grinds up to the 10-day swing high at $272.2, about 4.7% away. if it loses $260, i'm wrong on this and there's nothing to defend, and anyone long from here is staring at a slide back toward $246.5.
$BCH holding $260, or losing it back to $246.5?
