#BinanceTurns7 - $BTC Analysis 8 July 2024 (Monday);
Technical analysis; Bollinger Bands:
- Current Position: Bitcoin’s price is near the lower Bollinger Band, indicating it is in a potentially oversold condition and could be due for a rebound.
Volume Profile (VPVR):
- High Volume Nodes: Significant volume around 53,550 USD, reinforcing this as a strong support level.
Lower Volume Areas: Below 50,000 USD, there’s a drop in volume, indicating weaker support.
Conclusion:
Support Levels: Strong support around 53,550 USD.
Resistance Levels: Immediate resistance around 55,175 USD (top Bollinger Band area).
Potential Buying Opportunity: A good buy zone would be around 53,550 USD if the price tests this support again and shows signs of holding.
Aggressive Buy: Near 50,909 USD if the price continues to decline.
