$BCH or 204, shaved it down five points after grinding for a week from 216. The script really hasn’t changed at all.
As for the money, it hasn’t really come back. In three hours, twelve columns—every one of them with some green—are gone; net outflow is five or six thousand US dollars. In a day, spot trading volume is only about 1.8 million—nobody’s playing anymore.
The order book also gave it away: the bid side is thin—only a bit more than 80% of the sell side. Aggressive buys can’t even reach 20%; it’s all bids being hit up against sells.
But the funding rate is still stubbornly staying positive. Spot leverage long/short ratio has pushed up to around 90—there’s a bunch of longs stubbornly holding the line, but there’s just no new money coming in.
Without new money, you can’t hold it up. Now it just depends on whether that low at 201.6 can be defended. If someone steps in to buy, then it’s still this grind-it-out, torture-style script; if nobody steps in, then the ending is just like this.
#bch $BCH
As for the money, it hasn’t really come back. In three hours, twelve columns—every one of them with some green—are gone; net outflow is five or six thousand US dollars. In a day, spot trading volume is only about 1.8 million—nobody’s playing anymore.
The order book also gave it away: the bid side is thin—only a bit more than 80% of the sell side. Aggressive buys can’t even reach 20%; it’s all bids being hit up against sells.
But the funding rate is still stubbornly staying positive. Spot leverage long/short ratio has pushed up to around 90—there’s a bunch of longs stubbornly holding the line, but there’s just no new money coming in.
Without new money, you can’t hold it up. Now it just depends on whether that low at 201.6 can be defended. If someone steps in to buy, then it’s still this grind-it-out, torture-style script; if nobody steps in, then the ending is just like this.
#bch $BCH