BCH is currently at $272, just 2% from the long/short dividing line. CME futures launch today, and the direction should be clear within the next couple of days.
Here’s what we’ve seen: the day after CME’s 9/23 announcement, BCH surged from $267 to $345, then gave it all back over the following month.
Ahead of today’s launch, it’s back at $271.99—right on the pre-announcement support level.
That same day, Grayscale was also pushing to convert its Bitcoin Cash Trust into a spot ETF on NYSE Arca.
The bull case: a spot ETF filing plus a new CME instrument gives BCH its first full “compliance double play.”
Trigger: Go long after it reclaims the $345 previous high on strong volume; admit you’re wrong if it drops below $250.
The bear case: UNI’s performance around its futures launch already showed that a futures listing doesn’t lock up supply—institutions can still short.
Trigger: A break below the $267 support level would signal the second leg of the selloff. If it reclaims $345, flip the short position.
I’m casting my vote for the bears: a rally needs new money; a drop only needs sentiment. At this price, the risk/reward looks skewed to the downside.
But today’s CME open interest on day one is the real judge. Follow the data, not me.
Pick one: Are you going long above $267, or chasing the short if it breaks down?
$BCH $BTC $UNI
#Cryptocurrency #Bitcoin
Here’s what we’ve seen: the day after CME’s 9/23 announcement, BCH surged from $267 to $345, then gave it all back over the following month.
Ahead of today’s launch, it’s back at $271.99—right on the pre-announcement support level.
That same day, Grayscale was also pushing to convert its Bitcoin Cash Trust into a spot ETF on NYSE Arca.
The bull case: a spot ETF filing plus a new CME instrument gives BCH its first full “compliance double play.”
Trigger: Go long after it reclaims the $345 previous high on strong volume; admit you’re wrong if it drops below $250.
The bear case: UNI’s performance around its futures launch already showed that a futures listing doesn’t lock up supply—institutions can still short.
Trigger: A break below the $267 support level would signal the second leg of the selloff. If it reclaims $345, flip the short position.
I’m casting my vote for the bears: a rally needs new money; a drop only needs sentiment. At this price, the risk/reward looks skewed to the downside.
But today’s CME open interest on day one is the real judge. Follow the data, not me.
Pick one: Are you going long above $267, or chasing the short if it breaks down?
$BCH $BTC $UNI
#Cryptocurrency #Bitcoin