Hello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price has returned below the local downtrend line.
After unfolding the Fib Retracement grid, we see that the price stays in the support zone from $ 29,257 to $ 28,994, however, if I fall lower, the next support is at $ 28,658.
Looking the other way, we will first mark the resistance zone from $29,497 to $29,641, then we have resistance at $29,767, then at $29,960, and then at $30,196.
Looking at the CHOP indicator, we see that the energy has been used, the RSI shows a rebound, while the STOCH indicator indicates that the energy is running out at the moment, which may give a temporary price rebound.
After unfolding the Fib Retracement grid, we see that the price stays in the support zone from $ 29,257 to $ 28,994, however, if I fall lower, the next support is at $ 28,658.
Looking the other way, we will first mark the resistance zone from $29,497 to $29,641, then we have resistance at $29,767, then at $29,960, and then at $30,196.
Looking at the CHOP indicator, we see that the energy has been used, the RSI shows a rebound, while the STOCH indicator indicates that the energy is running out at the moment, which may give a temporary price rebound.