BTC/USDT 1HInterval Chart Short-Term
Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the one-hour interval. Let's start by defining in yellow the downward trend lines under which the price remains. Now we can use blue lines to mark the local channel of the sideways trend, the break from which resulted in a decline close to the height of the channel.
Now we can move on to marking support areas in the event of a correction. And here, first of all, you can see that the price remains below the support level of $41,362, but now it can start moving towards the next support level of $39,965.
Looking the other way, we can determine resistance locations in a similar way using the Fib Retracement tool. And here we can see the first resistance at $41,792, then we can see resistance around $42,487, and then it is worth defining the resistance zone from $42,974 to $43,603.
Please pay attention to the RSI indicator because you can see that there has been a slight upward price movement, the indicator has returned to the middle of the range and we have a visible rebound, while the STOCH indicator shows that we have exceeded the upper limit, which resulted in a price drop, but at this point we can see a dynamic movement down with room for the price to go a little lower.
Now we can move on to marking support areas in the event of a correction. And here, first of all, you can see that the price remains below the support level of $41,362, but now it can start moving towards the next support level of $39,965.
Looking the other way, we can determine resistance locations in a similar way using the Fib Retracement tool. And here we can see the first resistance at $41,792, then we can see resistance around $42,487, and then it is worth defining the resistance zone from $42,974 to $43,603.
Please pay attention to the RSI indicator because you can see that there has been a slight upward price movement, the indicator has returned to the middle of the range and we have a visible rebound, while the STOCH indicator shows that we have exceeded the upper limit, which resulted in a price drop, but at this point we can see a dynamic movement down with room for the price to go a little lower.