Key Findings
- The price is currently fluctuating around $116,679 with a slight downtrend indicated.
- Bollinger Bands suggest low volatility, with the price closing near the mid-line.
- Strong support has been observed at the $115,204 level, while resistance is visible around $116,988.
- Cumulative Volume Delta indicates increasing bearish pressure, with multiple bearish divergences present.
Market Condition & Trading Strategies
- Consider initiating short positions if the price breaks below $116,240, targeting the support at $115,204.
- Watch for a potential bullish reversal if the price rebounds off the strong support level, leading to a possible long entry around $115,698.
- Use Bollinger Bands for tighter stop-loss placements during trades as volatility remains subdued.