Hello everyone, let's look at the BTC to USDT chart on the four hour timeframe. As you can see, the price is moving below the uptrend line.
As we can see the previous support at $16583 is still price support, the next support is at $16098 and $15471 at the previous low.
Now let's move on to the resistance line, as you can see the first resistance is $17066, if you manage to break it, the next resistance will be $17325 and $17571 at 0.61Fib.
Looking at the CHOP indicator, we can see that in the four-hour interval, most of the energy has been used, the MACD indicates a local uptrend, while the RSI we could see that despite the price went lower in the first correction, the RSI did not see a deeper low, which is often a sign of a trend change.
As we can see the previous support at $16583 is still price support, the next support is at $16098 and $15471 at the previous low.
Now let's move on to the resistance line, as you can see the first resistance is $17066, if you manage to break it, the next resistance will be $17325 and $17571 at 0.61Fib.
Looking at the CHOP indicator, we can see that in the four-hour interval, most of the energy has been used, the MACD indicates a local uptrend, while the RSI we could see that despite the price went lower in the first correction, the RSI did not see a deeper low, which is often a sign of a trend change.