Thoughts on $USDTHB's recent chop and potential breakdown
Hey everyone, wanted to throw out some thoughts on $USDTHB. I've been watching this pair for a while, and it's been a bit of a grind lately. We've seen it bounce around in that 33.20 to 33.39 range today, which isn't huge action, but it's the context I'm looking at.
What's caught my eye is the persistent pressure around the 33.20 level. It feels like every time it dips there, there's some demand, but it's not exactly rocketing back up. The intraday low of 33.20 today, right on that support, makes me wonder if we're setting up for a potential breakdown if that level gives way convincingly. If it does, I'd be looking for the next area of interest lower down, maybe towards 33.00, though I don't have exact targets.
The risk to this whole idea, obviously, is if it just bounces hard off 33.20 and starts moving back towards the higher end of its recent range, especially if it breaks cleanly above 33.40 or so. If that happens, then this entire breakdown scenario is off the table for me, and I'd reassess. Just my two cents on what I'm seeing out there.
I've noticed similar price action around 33.20. It's interesting to see that demand absorbing the dips, but I'm curious what kind of volume you're seeing on those retests to that level.