Key Findings
- The price of BTC/USDT has recently tested and rejected the $11428 support level, indicating a potential downward momentum.
- Current resistance levels are highlighted at $116511 and $117826, which may act as hurdles for any upward movement.
- The Bollinger Bands are narrowing, suggesting a period of low volatility that could precede a price breakout or breakdown.
Market Condition & Trading Strategies
- Given the bearish divergence noted alongside increasing volume on sell-offs, short positions may be considered if the price breaks below the $11428 support.
- Conversely, if the price holds above this support and shows signs of reversal, traders may look for opportunities to buy near $11428, targeting resistance at $116511 for profits.
- Monitoring the Cumulative Volume Delta can offer insights into the strength of moves, guiding traders on potential entry or exit points.