BTC/USDT 4HInterval Chart Review
Hello everyone, I invite you to check the current situation on BTC in pair with USDT, taking into account the four-hour interval. First, we will use blue lines to mark a strong downward trend channel from which the price moved sideways, from which we can determine a local upward trend.
Looking at the current price consolidation, it is worth deploying the Trend Based Fib Extension tool, thanks to which we can determine the resistance to which the price is approaching at the level of $ 43,942, when it comes out on top and tests it positively, it may go towards the next strong resistance at the price $45,193. However, the price still has to face a very strong resistance zone from $46,094 to $47,220.
Looking the other way, in a similar way, you can determine support when the price changes the direction of movement. And here, first of all, it is worth defining a strong support zone from $42,501 to $41,721, and then we can see support around $40,481, which is the first support after returning to the sapping trend channel.
The RSI indicator shows that we have broken out of the downtrend line, with room for the price to go further. And when we look at the STOCH indicator, we will see that it also has room for further growth, and just like the RSI indicator, it came out on top from the sapping trend line.
Looking at the current price consolidation, it is worth deploying the Trend Based Fib Extension tool, thanks to which we can determine the resistance to which the price is approaching at the level of $ 43,942, when it comes out on top and tests it positively, it may go towards the next strong resistance at the price $45,193. However, the price still has to face a very strong resistance zone from $46,094 to $47,220.
Looking the other way, in a similar way, you can determine support when the price changes the direction of movement. And here, first of all, it is worth defining a strong support zone from $42,501 to $41,721, and then we can see support around $40,481, which is the first support after returning to the sapping trend channel.
The RSI indicator shows that we have broken out of the downtrend line, with room for the price to go further. And when we look at the STOCH indicator, we will see that it also has room for further growth, and just like the RSI indicator, it came out on top from the sapping trend line.