Hello everyone, I invite you to every Friday cryptocurrency review. Let's start by checking the current situation on the BTC to USDT pair, taking into account the four-hour interval. First, we will use the yellow line to mark the downward trend line from which the price has gone up and is currently staying just above the line. However, it is still worth marking the side trend channel to which the price has returned with blue lines.
Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking the support zone from $26,233 to $25,851, but when we fall below this zone, we have a second strong zone from $25,468 to $24,920, and then support at $24,218.
Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we have resistance at $26,647, then it is worth marking the resistance zone from $27,019 to $27,329, when the price breaks it, we have the second zone from $27,629 to $28,073, and then resistance at $28,631.
Please pay attention to the CHOP index, which indicates that the energy in the downward movement has been used up and is currently slowly growing, the RSI showed a rebound to the lower limit and we are currently rebounding, while the STOCH indicator also confirmed the exhaustion of energy in the downward movement, which stopped a further price decline in this movement.
Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking the support zone from $26,233 to $25,851, but when we fall below this zone, we have a second strong zone from $25,468 to $24,920, and then support at $24,218.
Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we have resistance at $26,647, then it is worth marking the resistance zone from $27,019 to $27,329, when the price breaks it, we have the second zone from $27,629 to $28,073, and then resistance at $28,631.
Please pay attention to the CHOP index, which indicates that the energy in the downward movement has been used up and is currently slowly growing, the RSI showed a rebound to the lower limit and we are currently rebounding, while the STOCH indicator also confirmed the exhaustion of energy in the downward movement, which stopped a further price decline in this movement.