Hello everyone, I invite you to review the current situation of BTC in the USDT pair, taking into account the four-hour interval. First, we will use blue lines to mark the sideways trend channel in which the price approached the upper limit. At this point, it is worth determining the height of the channel, because when the price confirms the upper exit and tests it, the increase may be similar to the height itself. Next, it is worth marking the local downward trend line from which the price dynamically went up.
Now we can move on to marking support areas in the event of a correction. And here, after unfolding the Fib Retracement grid, it is worth marking the support zone from $26,513 to $26,200 first, but when we fall below this zone, we have a second strong zone from $25,893 to $25,462, and then strong support at $24,909.
Looking the other way, we can determine resistance areas in a similar way. First, we will mark a strong resistance zone, in front of which the price is located from $26,910 to $27,453, when the price breaks out of this zone and then holds it, we can see an attack on the resistance at the price of $28,151 before further increases.
At this point, it is worth turning on EMA Cross 200 and, as we can see, the price was above the moving average of 200, which indicates a return to the upward trend, but it is important that this level is positively tested.
Please pay attention to the CHOP index, which indicates that there is still some energy left, the RSI shows a visible increase and there is some room for the price to go higher, but the STOCH index clearly shows that the upper limit has been clearly exceeded, which also resulted in a deceleration of the growth and a visible rebound in order to regain gathering energy.
Now we can move on to marking support areas in the event of a correction. And here, after unfolding the Fib Retracement grid, it is worth marking the support zone from $26,513 to $26,200 first, but when we fall below this zone, we have a second strong zone from $25,893 to $25,462, and then strong support at $24,909.
Looking the other way, we can determine resistance areas in a similar way. First, we will mark a strong resistance zone, in front of which the price is located from $26,910 to $27,453, when the price breaks out of this zone and then holds it, we can see an attack on the resistance at the price of $28,151 before further increases.
At this point, it is worth turning on EMA Cross 200 and, as we can see, the price was above the moving average of 200, which indicates a return to the upward trend, but it is important that this level is positively tested.
Please pay attention to the CHOP index, which indicates that there is still some energy left, the RSI shows a visible increase and there is some room for the price to go higher, but the STOCH index clearly shows that the upper limit has been clearly exceeded, which also resulted in a deceleration of the growth and a visible rebound in order to regain gathering energy.