Hello everyone, I invite you to review the current situation on the BTC pair to USDT, taking into account the four-hour interval. First, we will mark the local downtrend line with the yellow line, and as you can see, the price has definitely moved back above it.
Now we can move on to marking the support spots in case of a return to the downtrend. And here, in the first place, it is worth marking support at $29082, but when we go lower, we have second support at 28 ,489, third at
27
,991, and then fourth at
27
,504.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. Here we see that the first significant support is at 30 ,512, then at
31
,475, once it is broken, we can see a strong increase to around
34
,271. At this point, however, it is worth mentioning that the price is fighting to maintain the level of 0.618Fib Retracement, moreover, we can observe a phenomenon between the chart and the RSI indicator, which often ends up returning to the previously conducted downtrend. As we can see on the chart, the price is lower and the RSI indicator is higher, such a pattern often turns into a price reversal. However, the movement is not over yet and you should watch if the price will break out above the marked spot.
Please pay attention to the CHOP index which indicates that the energy has been heavily used and here it is necessary to observe whether it is enough for a further price increase, the MACD indicator confirms the local upward trend.
Now we can move on to marking the support spots in case of a return to the downtrend. And here, in the first place, it is worth marking support at $29082, but when we go lower, we have second support at 28 ,489, third at
27
,991, and then fourth at
27
,504. Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. Here we see that the first significant support is at 30 ,512, then at
31
,475, once it is broken, we can see a strong increase to around
34
,271. At this point, however, it is worth mentioning that the price is fighting to maintain the level of 0.618Fib Retracement, moreover, we can observe a phenomenon between the chart and the RSI indicator, which often ends up returning to the previously conducted downtrend. As we can see on the chart, the price is lower and the RSI indicator is higher, such a pattern often turns into a price reversal. However, the movement is not over yet and you should watch if the price will break out above the marked spot. Please pay attention to the CHOP index which indicates that the energy has been heavily used and here it is necessary to observe whether it is enough for a further price increase, the MACD indicator confirms the local upward trend.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. Here we see that the first significant support is at $ 30512, then at $ 31475, once it is broken, we can see a strong increase to around $ 34271. At this point, however, it is worth mentioning that the price is fighting to maintain the level of 0.618Fib Retracement, moreover, we can observe a phenomenon between the chart and the RSI indicator, which often ends up returning to the previously conducted downtrend. As we can see on the chart, the price is lower and the RSI indicator is higher, such a pattern often turns into a price reversal. However, the movement is not over yet and you should watch if the price will break out above the marked spot.