Bitcoin's Last Hope - Must Close Above 30.4K USDT
Hello world! This is my first post on TradingView!
We are seeing Bitcoin struggling to get above $30 to $31 thousand Tether (USDT). That being said, we are currently at the bottom end of the Bollinger Bands on higher duration time frames (4H, 1D).
We see overall price squeezing, pointing to either a strong continuation down or reversal upwards.
Based on an oscillator I plan on publishing soon, Bitcoin has been consistently trading below the 50 and 200 period VWMA (Volume Weighted Moving Average).
That being said, we are approaching a significant line of resistance in the range of 30 to 31 thousand Tether (USDT).
Leaning long here, but sitting on the sidelines until $30.4K is confirmed as support (Long) or resistance (Short). I will be using the curves drawn and Bollinger Bands as reference moving forward as well.
Best,
jpwall
We are seeing Bitcoin struggling to get above $30 to $31 thousand Tether (USDT). That being said, we are currently at the bottom end of the Bollinger Bands on higher duration time frames (4H, 1D).
We see overall price squeezing, pointing to either a strong continuation down or reversal upwards.
Based on an oscillator I plan on publishing soon, Bitcoin has been consistently trading below the 50 and 200 period VWMA (Volume Weighted Moving Average).
That being said, we are approaching a significant line of resistance in the range of 30 to 31 thousand Tether (USDT).
Leaning long here, but sitting on the sidelines until $30.4K is confirmed as support (Long) or resistance (Short). I will be using the curves drawn and Bollinger Bands as reference moving forward as well.
Best,
jpwall
Comment:
We have broken below the curve and retested it. More downside expected before we see some upwards momentum. Potential short entry here, but cautious while it is at the lower side of the bollinger bands.