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Is $BCH about to surprise us all or are we just watching a slow bleed?
The daily chart for Bitcoin Cash looks like it's fighting for its life right now around this 449 level. We’ve seen a pretty heavy downtrend since that peak near 600 back in February, and the bounces are getting smaller every time.
Looking at the price action, we have some minor support here, but it feels weak. If we lose the 440 area, the next stop could be that 423 wick from earlier. Volume is sitting around 10M USDT which isn't exactly a massive breakout signal.
The order book shows 57% on the big side, so there are people trying to catch this bottom, but the momentum just isn't there yet. I’m waiting for a solid green close above 456 before I even think about a long position.
Are you guys seeing a reversal here or is it safer to just stay on the sidelines?
#GateBlueLobsters