Hello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price has been moving in the sideways trend channel for a long time, but locally we see that the price is below the downtrend line.
Let's start with the support line and as you can see the first support at which the price is currently located is $16453, if the support is broken then the next support is $16226, $16045 and $15860.
Now let's go from the resistance line, as you can see the first resistance is $16671, if you manage to break it the next resistance will be $16865, $17016 and $17181.
Looking at the CHOP indicator, we see that in the 4-hour interval we have a lot of energy and be careful because it can be used to decrease the price, while the MACD indicates that the local trend has not changed to an upward one.
Let's start with the support line and as you can see the first support at which the price is currently located is $16453, if the support is broken then the next support is $16226, $16045 and $15860.
Now let's go from the resistance line, as you can see the first resistance is $16671, if you manage to break it the next resistance will be $16865, $17016 and $17181.
Looking at the CHOP indicator, we see that in the 4-hour interval we have a lot of energy and be careful because it can be used to decrease the price, while the MACD indicates that the local trend has not changed to an upward one.