The price action here looks very scripted. It first creates a strong illusion of strength at the high, then suddenly breaks through the support. Just as the people chasing longs get excited, the shorts’ room gets opened up.

$BCH previously kept failing to push through around 345.75, repeatedly. What I was watching wasn’t just the surface up-and-down, but the strength of the pullback after each rally. The key is right here: the sharper the pull, the faster the drop—this indicates that the key level overhead has already started to apply pressure on the price.

Now the price is being pressed down to 240, with short positions at +2168.17%, and the extension of the move is clear. A lot of people, after seeing the first bearish candle, think it’s only going to be a rinse, but the second wave doesn’t give much time to react at all. This kind of contrarian setup is exactly where profit is the easiest to come by.

I’ve already set this up as an 80/20 in my approach: take profit on the main position first, and use a protective level to lock in the result on the remaining position. If it can continue to move, we’ll see; if it can’t, I won’t stubbornly hold on.

If you caught this move, then eat what you can. If you didn’t, don’t chase—wait for the next opportunity, and wait for a more comfortable position.

$BTC $ETH