Hello everyone, I invite you to review the chart of BTC in pair USDT taking into account the interval of four hours. First, we will use the blue lines to mark the local uptrend channel where the BTC price is approaching the upper limit.
Now we can move on to marking the places of support in the event of a correction. And here in the first place it is worth marking support at HKEX:28840, then second support at $28555, third support at $28324, and then we have a strong support zone from $28092 to $27760.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. And here in the first place we have a very strong resistance at $29325 equal to 0.786 Fib from which the price has currently rebounded, but when it manages to break it, the next strong resistance will appear at the price of $29910.
Please note the CHOP index which indicates that the energy has been used, the MACD indicator indicates the entry into an uptrend, while the RSI has crossed the upper limit of the range, which may lead to a price correction or a temporary sideways trend.
Now we can move on to marking the places of support in the event of a correction. And here in the first place it is worth marking support at HKEX:28840, then second support at $28555, third support at $28324, and then we have a strong support zone from $28092 to $27760.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. And here in the first place we have a very strong resistance at $29325 equal to 0.786 Fib from which the price has currently rebounded, but when it manages to break it, the next strong resistance will appear at the price of $29910.
Please note the CHOP index which indicates that the energy has been used, the MACD indicator indicates the entry into an uptrend, while the RSI has crossed the upper limit of the range, which may lead to a price correction or a temporary sideways trend.