Hello everyone, I invite you to every Friday review of selected cryptocurrencies. We'll start with a chart review of BTC vs USDT on a single day timeframe. First of all, we can mark with the help of white lines the sideways trend channel in which the price has been moving for a long time, while locally with the help of the yellow line we can mark the downtrend.
Now, with the help of Fib Retracement, we will check what support the price has on its way. And as we can see, the price is currently holding just below the support at 0.618 Fib Retracement, and the next support is at $16087, lower at $15449, which is the last low, but if the price goes lower, we can see a drop even to around $13648 .
However, in a situation where the trend reverses and the price starts to grow, it is worth marking the places where we can encounter resistance. And so we see that we have the first resistance at $16,760, the second at $17,073, the third at $17,342, and the fourth at $17,554. Only when the price overcomes these four resistances and positively tests the last one, the way to further increases will open.
It is worth paying attention to the CHOP index which indicates that we have a lot of energy for the upcoming move, MACD indicates that we are moving in a downtrend, while the RSI has been moving in the middle of the range for a long time.
Now, with the help of Fib Retracement, we will check what support the price has on its way. And as we can see, the price is currently holding just below the support at 0.618 Fib Retracement, and the next support is at $16087, lower at $15449, which is the last low, but if the price goes lower, we can see a drop even to around $13648 .
However, in a situation where the trend reverses and the price starts to grow, it is worth marking the places where we can encounter resistance. And so we see that we have the first resistance at $16,760, the second at $17,073, the third at $17,342, and the fourth at $17,554. Only when the price overcomes these four resistances and positively tests the last one, the way to further increases will open.
It is worth paying attention to the CHOP index which indicates that we have a lot of energy for the upcoming move, MACD indicates that we are moving in a downtrend, while the RSI has been moving in the middle of the range for a long time.