$BCH The most critical part of this move is that once the news came out, it immediately surged from around 270 to above 350. But the time when CME futures are actually planned to go live is October 19, and we still need to wait for regulatory review.
For this leg, I’m bearish on the short term.
CME listing futures for BCH is definitely a real bullish catalyst—standard contracts for 250 BCH and micro contracts for 25 BCH. This story can still be traded further afterward.
The problem is that the market has already priced in a big chunk of those expectations in advance.
BCH’s 24-hour high touched 350.7, and it has now already pulled back to around 336, turning bearish again today. Futures haven’t even started trading yet, but the price has already pumped by nearly 30% first. At this level, what I’m more afraid of is funds using the news as an excuse to lock in profits, rather than immediately putting in another big bullish candle.
For now, I’m watching the 326 area. If it can’t hold, I’ll continue to view it as a pullback/erosion move.
If you want me to turn bullish, it’s very straightforward: reclaim 350 again—and not just wick above it and fall back, but truly hold it.
Until then, I’m staying short.
$BCH
For this leg, I’m bearish on the short term.
CME listing futures for BCH is definitely a real bullish catalyst—standard contracts for 250 BCH and micro contracts for 25 BCH. This story can still be traded further afterward.
The problem is that the market has already priced in a big chunk of those expectations in advance.
BCH’s 24-hour high touched 350.7, and it has now already pulled back to around 336, turning bearish again today. Futures haven’t even started trading yet, but the price has already pumped by nearly 30% first. At this level, what I’m more afraid of is funds using the news as an excuse to lock in profits, rather than immediately putting in another big bullish candle.
For now, I’m watching the 326 area. If it can’t hold, I’ll continue to view it as a pullback/erosion move.
If you want me to turn bullish, it’s very straightforward: reclaim 350 again—and not just wick above it and fall back, but truly hold it.
Until then, I’m staying short.
$BCH
