BTC/USDT check the description!
Hello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price has moved sideways from the local downtrend line.
When we unfold the trend based fib extension tool, we can mark the first support zone from $28998 to $28830, then we mark the second strong support zone from $2855 to $28357.
Looking the other way, we will check the resistance places in the same way and here we see that the first resistance is at $29254, then the second at $29475, the third at $29656 and the fourth strong resistance at $29831.
At this point, it is worth paying attention to the CHOP Index and the RSI indicator, because we can see that when we crossed the lower limit on the CHOP indicator and the upper limit on the RSI indicator, there was a strong change in the price trend.
When we unfold the trend based fib extension tool, we can mark the first support zone from $28998 to $28830, then we mark the second strong support zone from $2855 to $28357.
Looking the other way, we will check the resistance places in the same way and here we see that the first resistance is at $29254, then the second at $29475, the third at $29656 and the fourth strong resistance at $29831.
At this point, it is worth paying attention to the CHOP Index and the RSI indicator, because we can see that when we crossed the lower limit on the CHOP indicator and the upper limit on the RSI indicator, there was a strong change in the price trend.