The day before yesterday, I pointed out the opportunity for a short position on BCH above 600, and then the price fell back to around 551, just touching our preset area for long positions.
Currently, BCH has rebounded to around 575, and the rhythm of this long-short switch has basically been on point. From a technical perspective, there is daily support in the 550-555 range, while the 580-590 area forms short-term resistance, and we need to observe whether it can break through with increased volume.
On a macro level, the hawkish influence of the Fed's dot plot is still being digested, but the on-chain open contracts for BCH show a relatively balanced long and short force, and it is highly likely to maintain a fluctuating pattern in the short term.
It is recommended that existing profitable positions can take partial profits while retaining the base position to observe the breakthrough situation at the 580 resistance level. When market volatility increases, one should avoid greed; locking in profits in batches is the key to sustained profitability.
Old Chen has listed the best entry points, expecting a profit of 1-3 times. If you urgently want to recover losses, my chat room below has the year-end recovery plan.
