$BCH Now in 203, still grinding right above the 198.6 line. The script really hasn’t changed at all. After the 218 line broke down, 216, 207, and 205 all softened one after another; and now 204 can’t even stand steadily.
The money is still being squeezed through, though. Spot—over three hours, twelve candles, none missing, all perfectly green; net inflow of several hundred thousand. But if you watch the order book closely, the amount actively bought is less than a quarter of what’s being sold. That little buy-side volume can’t possibly hold it up.
The contracts are even more twisted. Daily open interest has dropped by almost 5%. In the sell-off wave, a lot of those positions were cut as well. Whale accounts have piled up with tons of long orders, yet their net position is still short. Money comes in, but the exposure doesn’t—everyone’s playing their own game.
On the plaza, they keep on with the same old talk about payments. The sentiment score is still kept at neutral to slightly high. The more they hype, the more uneasy I get.
In the end, it’s just this: the money, the order book, and positions are all knotted together, and nobody can overpower the others. I won’t chase from this spot. I’ll just see how long that 198.6 line can hold; if it breaks, then we’ll talk. That’s how it ends.
#bch $BCH
The money is still being squeezed through, though. Spot—over three hours, twelve candles, none missing, all perfectly green; net inflow of several hundred thousand. But if you watch the order book closely, the amount actively bought is less than a quarter of what’s being sold. That little buy-side volume can’t possibly hold it up.
The contracts are even more twisted. Daily open interest has dropped by almost 5%. In the sell-off wave, a lot of those positions were cut as well. Whale accounts have piled up with tons of long orders, yet their net position is still short. Money comes in, but the exposure doesn’t—everyone’s playing their own game.
On the plaza, they keep on with the same old talk about payments. The sentiment score is still kept at neutral to slightly high. The more they hype, the more uneasy I get.
In the end, it’s just this: the money, the order book, and positions are all knotted together, and nobody can overpower the others. I won’t chase from this spot. I’ll just see how long that 198.6 line can hold; if it breaks, then we’ll talk. That’s how it ends.
#bch $BCH