Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the one-hour interval. First, we will use the blue lines to mark the local channel of the upward trend, in which the price tried to break out at the bottom, but quickly returned to the ongoing channel.
Going further, we will use the Fib Retracement tool, and here we can see that the price decline was maintained by a strong support zone from $34923 to $34090, but now that the price has quickly rebounded, we should keep in mind the support at $36096, where the price can currently resist.
Looking the other way, we will similarly check the current resistance points that BTC will have to face again in further increases. And here you can see that the first significant resistance should appear at the level of $36,777, and then the price will be able to move towards a strong resistance zone from the level of $37,326 to the level of $38,026.
When we turn on the EMA Cross 10 and 30 indicator, we can see that the red ema corss 10 line is approaching the intersection of the green ema cross 30 line from below, which will potentially confirm the return to the local uptrend.
Please pay attention to the CHOP index, which indicates that there is still some energy left for movement, the RSI indicator shows a dynamic increase with room for the price to go higher, but the STOCH index exceeded the upper limit, which may result in a local price recovery.
Going further, we will use the Fib Retracement tool, and here we can see that the price decline was maintained by a strong support zone from $34923 to $34090, but now that the price has quickly rebounded, we should keep in mind the support at $36096, where the price can currently resist.
Looking the other way, we will similarly check the current resistance points that BTC will have to face again in further increases. And here you can see that the first significant resistance should appear at the level of $36,777, and then the price will be able to move towards a strong resistance zone from the level of $37,326 to the level of $38,026.
When we turn on the EMA Cross 10 and 30 indicator, we can see that the red ema corss 10 line is approaching the intersection of the green ema cross 30 line from below, which will potentially confirm the return to the local uptrend.
Please pay attention to the CHOP index, which indicates that there is still some energy left for movement, the RSI indicator shows a dynamic increase with room for the price to go higher, but the STOCH index exceeded the upper limit, which may result in a local price recovery.