Hello everyone, I invite you to every Friday review of the BTC chart on a one-day interval. Let's start by marking the main uptrend line with a yellow line, and as we can see, the price remains above it despite the current correction. Next, it is worth marking the local downtrend channel in which we are currently moving.
At this point, it is worth separating the upward movement into two stages and we can see that when we spread the Fib Retracement tool on the first one, we will notice that during the first upward movement, the correction reached the level of 0.618 FIB, which was a very strong support for the price. Now we can move on to the second stage of the current increases, but here we will start by marking the uptrend channel from which the price went down, in such a situation you can often observe the price going down by the height of the trend channel, and as you can see we are approaching this place. Now we will spread the Fib retracement grid from low to high to see what level the price can reach in the current correction. As in stage one, the price is approaching a strong support zone from $ 25342 to $ 23964, however, when the price falls below this zone, the next strong support is at $ 22088.
Now we can move on to checking what resistance the price has to overcome in order to continue the bullish trend. However, we will not mark individual resistances, because in this situation, the price must first break through the very strong resistance zone from $ 28832 to $ 32467, only when the price breaks out and then the zone is positively tested, we will be able to see further increases in the market.
As we can see further, the price, despite the correction, remains above the 200 EMA Cross, which indicates the maintenance of a long-term uptrend.
Index Chop indicates that there is still energy to continue the move, MACD remains in a downtrend, while the RSI is approaching the lower limit of the range, which usually indicates an upcoming trend reversal, but please remember that in the short term the price may go lower to the previously marked zone.
At this point, it is worth separating the upward movement into two stages and we can see that when we spread the Fib Retracement tool on the first one, we will notice that during the first upward movement, the correction reached the level of 0.618 FIB, which was a very strong support for the price. Now we can move on to the second stage of the current increases, but here we will start by marking the uptrend channel from which the price went down, in such a situation you can often observe the price going down by the height of the trend channel, and as you can see we are approaching this place. Now we will spread the Fib retracement grid from low to high to see what level the price can reach in the current correction. As in stage one, the price is approaching a strong support zone from $ 25342 to $ 23964, however, when the price falls below this zone, the next strong support is at $ 22088.
Now we can move on to checking what resistance the price has to overcome in order to continue the bullish trend. However, we will not mark individual resistances, because in this situation, the price must first break through the very strong resistance zone from $ 28832 to $ 32467, only when the price breaks out and then the zone is positively tested, we will be able to see further increases in the market.
As we can see further, the price, despite the correction, remains above the 200 EMA Cross, which indicates the maintenance of a long-term uptrend.
Index Chop indicates that there is still energy to continue the move, MACD remains in a downtrend, while the RSI is approaching the lower limit of the range, which usually indicates an upcoming trend reversal, but please remember that in the short term the price may go lower to the previously marked zone.