Looking at the BCH chart, the 650 level has become a strong resistance. The bears are heavily positioned here, and both attempts to break through have been suppressed. Take a closer look at the 15-minute candlestick chart; the classic double top pattern has already formed.

This is the old trick used by the main players—intraday trap. They place orders around 650 to lure retail traders into a breakout, only to reverse and sell off immediately. The current situation is a game of testing whether it fails and pulls back; this is the real profit zone.

If you want to short this wave, the safest entry range is between 647.50 and 649.50. Set your stop-loss above 652.50. Don’t be too greedy with the downward targets; consider multiple levels at 642, 638, and further down to 630. As for the stories about future positive developments? Forget them for now. What matters most is what the chart says right now.