Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame.
Let's go to the chart and start by marking with blue lines the uptrend channel in which the price has been moving since November 21st.
Now, taking into account the entire upward movement, it is worth marking the place of 0.61 Fib Retracement as a very strong support for BTC, then using the Trend-Based Fib Extension tool we will check what support we can consider in the near future based on the recent movement. Thus we see that we have the first support at $16920, the second support at 0.61 FIB is $16824, the third at $16680 and the fourth at $16507.
It is also worth noting that the price has now turned back at a strong point of 0.61 Fib Retracement.
Now let's move on to identify strong resistance based on all the downward movement seen in the chart, and here we'll mark the strong resistance at 0.61 Fib Retracement where the price turned down.
However, taking into account the last move, we see that the first resistance from which the BTC price has already bounced once is at $ 17,103, if we overcome it and the previously determined strong resistance for the entire movement, the price will go higher to the resistance at $ 17,292, then $ 17,455 and 17,609 $.
Let's pay attention to the CHOP index, which indicates that the energy is gaining more and more strength in the four-hour interval, the MACD indicator indicates a local downtrend, and on the volume we see the predominance of red lights that have more strength than emerging buyers.
Let's go to the chart and start by marking with blue lines the uptrend channel in which the price has been moving since November 21st.
Now, taking into account the entire upward movement, it is worth marking the place of 0.61 Fib Retracement as a very strong support for BTC, then using the Trend-Based Fib Extension tool we will check what support we can consider in the near future based on the recent movement. Thus we see that we have the first support at $16920, the second support at 0.61 FIB is $16824, the third at $16680 and the fourth at $16507.
It is also worth noting that the price has now turned back at a strong point of 0.61 Fib Retracement.
Now let's move on to identify strong resistance based on all the downward movement seen in the chart, and here we'll mark the strong resistance at 0.61 Fib Retracement where the price turned down.
However, taking into account the last move, we see that the first resistance from which the BTC price has already bounced once is at $ 17,103, if we overcome it and the previously determined strong resistance for the entire movement, the price will go higher to the resistance at $ 17,292, then $ 17,455 and 17,609 $.
Let's pay attention to the CHOP index, which indicates that the energy is gaining more and more strength in the four-hour interval, the MACD indicator indicates a local downtrend, and on the volume we see the predominance of red lights that have more strength than emerging buyers.