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!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.