Will BTC positively test the resistance?
Hello everyone, let's take a look at the BTC to USDT chart on a four-hour time frame. As you can see, the price is moving above the local uptrend line.
After unfolding the fib retracement grid, you can see that the price is testing the resistance at $4,677, but there is still a very strong resistance at $49,070.
Looking the other way, you can see support at $44,217, then at $42,122, and then a support zone from $40,523 to $38,576.
Please look at the RSI because, similarly to the STOCH indicator, you can see movements above the upper limit, which affects the price recovery.
After unfolding the fib retracement grid, you can see that the price is testing the resistance at $4,677, but there is still a very strong resistance at $49,070.
Looking the other way, you can see support at $44,217, then at $42,122, and then a support zone from $40,523 to $38,576.
Please look at the RSI because, similarly to the STOCH indicator, you can see movements above the upper limit, which affects the price recovery.