Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As we can see, for a long time BTC has been moving within the channel marked with white lines, while locally we can mark the uptrend line.
You can also notice that we currently have a higher low than the previous one, but it will be important if we manage to draw a new higher peak, then we will receive a signal for further increases.
It is also worth mentioning that the last drop in the price stopped perfectly at 0.61 Fibretracement, which the price tested and changed its direction to an upward one.
Now let's move on to the support line for the near future and here we see the first support at $16404, if the support is broken then the next support is $16311, $16244 and $16173.
However, looking the other way, we can determine a strong resistance zone from $ 16,501 to $ 16,638, only going above this zone and breaking the resistance at the price of $ 16,814 will open the way for us to try to leave the current price channel.
Looking at the CHOP indicator, we see that in the 4-hour interval, the energy begins to gain more and more strength, the MACD indicator indicates a local uptrend, and the volume, although small, shows the predominance of buyer candles.