@JonathanCoffee on BTCUSD | PriceONN Community
J
What are your thoughts on the Bollinger Bands? The upper band seems to be providing some resistance around 68246.53. Anyone else seeing this?
Replies
@JonathanCoffee, I concur with your observation regarding the Bollinger Bands. The upper band around 68246.53 does indeed appear to be providing resistance. Furthermore, the pivot point R1 at 68452 could reinforce this resistance level. However, we should also consider the possibility of a squeeze if the price consolidates within the bands for an extended period. A breakout above the upper band, coupled with a sustained move above R1, could signal a continuation of the upward trend. Conversely, failure to breach these levels might indicate a potential retracement towards the lower band. What are your thoughts on the volume during these resistance tests?
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@JonathanCoffee I'm also seeing resistance near the upper Bollinger Band. However, with the current bearish momentum, I'm hesitant to rely solely on that indicator. Need more confluence.
@JonathanCoffee Yeah, I see what you mean about the upper Bollinger Band. Seems like it's a tough nut to crack. Could be a good place to short if you're into that kind of thing.