Step-by-Step Technical Analysis of Bit Digital, Inc. (BTBT)

1. Volume & Price Action (Recent Sessions)

• Explosive Volume Spike: On July 7, the volume climbed to 166.8M, vastly exceeding prior days (generally 10M–70M), signaling major influx of trading interest, possibly institutional involvement or a major catalyst/announcement.
• Gap Up & Momentum: The close on July 3 was $2.94, and the next open on July 7 was $3.37, indicating substantial buying momentum and likely short covering. Intraday, price ran to $3.86 before retracing to $3.53 and then closing at $3.48.
• Intraday High & Selling Exhaustion: After peaking at $3.86, a rapid pullback to $3.43 and subsequent choppy price between $3.36–$3.53 demonstrates strong resistance, profit-taking, and volatility.

2. Trend Analysis (Daily/Intraday)

• Multi-week Uptrend: Since late June, BTBT rallied from sub-$2 to nearly $3, then exploded to $3.86. Higher highs and higher lows are distinct.
• Momentum Acceleration: The explosive up days in the last week with high volume confirm a momentum breakout typical of highly speculative small caps, possibly in sympathy with a sector move (crypto/mining stocks, for example).

3. Candlestick Pattern Analysis

• July 7 Candles: Tall upper shadows on intraday timeframes (e.g., the rejection above $3.8) suggest supply, but the lack of a deep intraday collapse and repeated hold above $3.40 strongly suggests new support.
• No Reversal Pattern Yet: There is no textbook bearish engulfing or shooting star; instead, price consolidates above prior highs, a bullish continuation characteristic after shakeout.

4. Moving Averages (Estimate)

• • Short-term (10- and 20-period estimate): The last closes prior to the gap-up hovered between $2.6-$2.9, meaning the 10/20-period MAs are far below current price. Price stretched above its short/mid-term averages reflects overbought and trend strength.
• Long-term: With such a vertical move, moving averages lag and offer little resistance/support in the immediate term.

5. Relative Strength Index (RSI) & Oscillators

• RSI Estimate: Given the rapid ascent, RSI is likely above 80, indicating overbought territory. While this increases retracement risk, in momentum breakouts, stocks can remain overbought for prolonged periods.
• MACD/Momentum Oscillators: Divergence will be notable if price begins closing below $3.40, but there is no evidence of momentum waning within last session's range.

6. Fibonacci Retracement & Price Targets

• Swing Low (late June): ~$2.00
• Swing High: $3.86
• Key Fib Levels:
  • 38.2%: $3.39
  • 50%: $2.93
  • 61.8%: $2.47
• Price recently bounced from $3.36–$3.40, matching the 38.2% retracement, suggesting first level strong support.

7. Support/Resistance Mapping

• New Support: $3.35–$3.45 (derived from intraday lows & Fib 38.2%)
• Critical Resistance: $3.86–$3.90 (intraday high, selling pressure zone)
• Further Resistance: Psychological $4.00 level

8. Volume Profile

• Highest Volume Bar: $3.52–$3.53 (massive accumulation) — likely an area of equilibrium.
• Volume Nodes Below: $2.30–$2.90 will act as strong support, but are distant from current price.

9. Volatility/ATR

• ATR (Average True Range) Estimate: Recent daily ranges have expanded to $0.50–$0.90, suggesting next day’s price swings could be 15–25% of current price.

10. Sector & Sentiment Overlay

• Possible Nano/Microcap, Crypto Mining Theme: Outside analysis would note high beta to cryptocurrency markets – any surge in BTC/ETH would justify speculative inflows and exacerbate moves, but the potential for abrupt reversals remains high.

11. Short Interest / Squeeze Potential

• Speculative Surge Suggests Short Squeeze: Volume and vertical move are classic elements of a short squeeze, but such moves lead to two-day continuation followed by rug-pulls. However, as no dramatic reversal occurred today, a further extension up is likely before substantial pullback.

12. Elliott Wave Structure

• Wave 3 Extension: The current explosive move likely represents a Wave 3; next session may produce a consolidation (wave 4) before a final push (wave 5) aiming for or slightly above the $4.00 mark.

13. Risk/Reward Assessment

• Entry Risk: Buying in the $3.48–$3.53 zone gives entry above new support base, limited risk to $3.35.
• Upside Potential: Immediate target $3.85–$4.00 if momentum resumes next session.
• Stop-loss zone: Below $3.32 for a tight risk profile.

14. Final Synthesis & 24-Hour Prediction

• Expect Volatility: Early selling likely, but buy programs will kick in if $3.35–$3.40 holds, leading to a likely retest of $3.85–$4.00.
• Pattern Bias: This is a classic consolidation after impulsive breakout; odds favor another upward thrust before exhaustion.

---

Conclusion: Given massive volume-confirmed breakout, intact uptrend, lack of sharp reversal, and technical support at $3.35–$3.45 area, a Buy on slight dip is optimal.

Recommendation:

• Buy (Long) upon retracement to $3.45–$3.48
• Target: $3.85 (major resistance, profit-taking zone)

If the rally stalls and closes below $3.32, cut losses as short-term trend would be compromised.