BCH Price Hits Inflection Point: Smart Money Heavily Long, Momentum Rolling Over
Bitcoin Cash (BCH) has been on a tear, rising 4.2% in the past 24 hours to reach $265.20. However, according to Rebeca Moen, BCH's price is now sitting at an inflection point.
Smart money is heavily long, with a 68% ratio of longs to shorts on Binance futures. The retail crowd is also positioned 62.5% long, which could be a sign of short-term tailwind. However, the derivatives data suggest that this rally may be running out of steam.
The MACD histogram has flattened out, and the Stochastic oscillator is in overbought territory, suggesting that momentum is rolling over. The upper Bollinger Band at $277.87 and immediate resistance cluster at $273.70 form a tight ceiling that BCH has yet to convincingly break.
According to Moen, there are two possible scenarios for the next 7-30 days: either BCH consolidates between $258-$268, allowing the Stochastic to bleed off overbought readings and setting up another run at $273.70, or it rolls over from current levels without printing a clean break of $273.70.