BTBT is to bounce up on the short term time window. A good trade
BTBT (Bit Digital Inc.) is signalling a potential buy opportunity on the 3-hour time frame, as indicated by the recent reversal at the lower Bollinger Band. The price currently stands at $3.17, just above a potential support level, with buy signals aligning on key indicators.
Key Observations:
1. Bollinger Bands: The price has bounced off the lower Bollinger Band, suggesting oversold conditions and a possible reversal toward the mean.
2. RSI & Momentum: Oscillators in the sub-chart indicate the price is rebounding from oversold levels, confirming early bullish momentum.
3. EMA Dynamics: The short-term moving averages (e.g., 9 and 21 EMAs) are nearing a potential crossover, which could further validate a bullish trend continuation.
4. Chart Patterns: The recent price action shows a double-bottom formation around the $3.00 level, hinting at a potential base for upward movement.
5. Resistance/Support: Immediate resistance levels lie at $3.50 (psychological level and mid-Bollinger Band). Breaking this level could see the price rally to $4.00 or higher. Support remains strong around $3.00.
Trade Setup:
• Entry: $3.18 (current level)
• Stop Loss: $3.00 (below recent lows)
• Take Profit Targets: $3.50, $4.00
What I’m thinking …
This setup is ideal for short-term swing traders looking to capitalise on early reversal signals. Monitor momentum indicators for further confirmation.
Enjoy!
