$BCH 269, I can’t make sense of who this buy order is trying to perform for. The aggressive buy orders surged for seven hours by 59%, and the spot money was still coming in for three hours—so what happened? The price went from 279 back to 269, and it can’t even get back above the moving averages; it’s being capped on the four-hour chart and drifting lower.
The open interest shrank by 2.7% in a day—so it’s been labeled as “bulls capitulating.” That means the bulls have given up and left, and what surged in to “catch the falling” is all bottom-fishing firepower. Buying this aggressively couldn’t push the price up; the sell pressure’s hands are bigger than the buying hands.
The whale account’s longs sold off another 8.8% over seven hours—big money withdraws first, leaving retail traders to hold the line. The more fierce the buy orders are, the more the price lies flat—this falling knife: whoever catches it is the one on guard.
Bearish. Unless the aggressive buy orders truly push the price back above the moving averages and open interest expands again—then I’ll admit I was wrong about what I saw. At this price, if you believe in a rebound, you just lose your money.
#bch $BCH
The open interest shrank by 2.7% in a day—so it’s been labeled as “bulls capitulating.” That means the bulls have given up and left, and what surged in to “catch the falling” is all bottom-fishing firepower. Buying this aggressively couldn’t push the price up; the sell pressure’s hands are bigger than the buying hands.
The whale account’s longs sold off another 8.8% over seven hours—big money withdraws first, leaving retail traders to hold the line. The more fierce the buy orders are, the more the price lies flat—this falling knife: whoever catches it is the one on guard.
Bearish. Unless the aggressive buy orders truly push the price back above the moving averages and open interest expands again—then I’ll admit I was wrong about what I saw. At this price, if you believe in a rebound, you just lose your money.
#bch $BCH
