🌞 Update market [08/12] [BCH]. 💵

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📊 Technical view (15m Frame - Scalping):

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According to the analysis request for Short position, the BCH chart is showing serious cracks in the bullish structure, opening up opportunities for the Bears to attack.

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⚠️ Arguments supporting the Short position:

Reversal pattern: The price has formed a small "Double Top" at the 604.xx area and failed to break this level, leading to strong selling pressure down to the 594.

Death cross (TK Cross): Carefully observe the Ichimoku indicator, the Tenkan line (Green) at 598.29 has crossed below the Kijun line (Red) at 599.39. This is a "Dead Cross" signal confirming the short-term trend has turned bearish.

Loss of dynamic support zone: The current price (594.50) has fallen below both the Tenkan and Kijun lines. The confluence area of 598.xx - 599.xx has now turned into strong resistance ("ceiling") preventing recovery attempts.

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💡 Trading mindset:

With the Stoch RSI momentum heading down and the price structure breaking dynamic support, looking to Short when the price slightly retraces (retest) to the resistance zone is the optimal profit/risk strategy.

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RECOMMENDED POSITION

🔴 SHORT (SELLING SHORT)

⭐ Entry (Entry zone): 596.50 - 598.80 (Testing the Kijun/Tenkan line).

🎯 TP (Take profit): 588.00 - 584.00 (Bottom of the Kumo cloud and the previous low).

🛑 SL (Stop loss): 602.50 (When the price exceeds the nearest recovery peak and breaks back into the downtrend).

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This article only suggests market information, not an investment call! #DYOR #NFA $BCH