Trade BCH in Futures Market at CoinDCX
Issued on: 03 Aug’23
Valid upto: 10 Aug’23
Category: Payments
Market Cap: $4,424,950,045
Price Update:
BCH price at the time of writing (03 Aug’23, 13:15) is $227.39, with a 24-hour trading volume increased by 19.03% to $ 292,668,792. BCH price is down by 5.21% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- Daily timeframe: Last daily candle was closed below the support level($234.4), which is a bearish sign for BCH.
- Confirmation: In the 4-hour time frame, BCH was taking support of 200-EMA(purple line) but now its below it, similarly we can see that after the fall price was in a range and gave a breakdown yesterday ,so now its expected to continue downward trend.
- General market weakness further supports the bearish sentiment.
- Bottom support levels: $220.9 (supply level) and $210.2
- Upper resistance level: $234.4(S/R flip) and $255.3(major)
- A Short Trading strategy can be assessed between $227.4-$234.4 with an invalidation above $247.9
- On the downside, one can see a fall of 15-20% toward $214.9 & $181.6 (valid for 7 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: BCH is now available in the futures market in both Go and Pro apps with up to 15x leverage.
LAST 30 DAYS ANALYSIS SUMMARY:
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 04-July | FTM | Long | -5.93% | -47.44% | -2.94% |
| 04-July | LRC | Long | -5.33% | -42.64% | -4.02% |
| 05-July | APT | Long | -3.72% | -29.76% | -2.22% |
| 06-July | SOL | Long | 30.59% | 244.72% | 2.69% |
| 11-July | MATIC | Long | 13.69% | 109.52% | 3.77% |
| 12-July | DOT | Long | 9.87% | 78.96% | 1.82% |
| 13-July | BEL | Short | 12.78% | 102.28% | -2.98% |
| 20-July | STX | Long | -3.62% | -28.98% | -4.36% |
| 21-July | SAND | Short | 4.57% | 36.55% | -0.95% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.36% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.85% |
| 28-July | ETH | Short | Trade is live | ||
| AVERAGE RETURN | 6.13% | 49.07% | -0.73% | ||
| SUCCESS RATE | 64% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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