Hello everyone, let's take a look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local downtrend line.
When we unfold the Fib Retracement grid, we can determine the first support zone from $26,838 to $26,468, then we have the second support zone from $25,866 to $25,442, and then strong support at $24,899.
Looking the other way, we will check the resistance areas and here it is clearly visible that the price is trying to break through the resistance zone from $26,930 to $27,484, and then has to overcome the resistance at $28,190.
Looking at the CHOP indicator, we see that the energy has been significantly depleted, while the RSI indicator also indicates that the upper limit has been exceeded, which resulted in a slowdown in the price increase.
When we unfold the Fib Retracement grid, we can determine the first support zone from $26,838 to $26,468, then we have the second support zone from $25,866 to $25,442, and then strong support at $24,899.
Looking the other way, we will check the resistance areas and here it is clearly visible that the price is trying to break through the resistance zone from $26,930 to $27,484, and then has to overcome the resistance at $28,190.
Looking at the CHOP indicator, we see that the energy has been significantly depleted, while the RSI indicator also indicates that the upper limit has been exceeded, which resulted in a slowdown in the price increase.