Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving below the local downtrend line.
Let's start with the support line and as you can see the first support in the near future is $16569, if the support is broken then the next support is $16269, $16018 and $15760.
Now let's move to the resistance line, as you can see the first resistance is $16943, if you manage to break it, the next resistance will be $17373, $17729 and $18080.
Looking at the CHOP indicator, we see that the energy is slowly gaining strength, the MACD indicates that we are close to entering a local uptrend, while the RSI is in the lower range with room for increases.
Let's start with the support line and as you can see the first support in the near future is $16569, if the support is broken then the next support is $16269, $16018 and $15760.
Now let's move to the resistance line, as you can see the first resistance is $16943, if you manage to break it, the next resistance will be $17373, $17729 and $18080.
Looking at the CHOP indicator, we see that the energy is slowly gaining strength, the MACD indicates that we are close to entering a local uptrend, while the RSI is in the lower range with room for increases.