Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price has broken down from the channel marked with blue lines in accordance with the analyzes from the previous days, and we can see that the price is currently trying to stay above the local downtrend line.
Let's start with setting the support line and as you can see the first support is currently at 0.5 Fibonacities around the price of $16144, if the support is broken then the next support is $15986, $15765 and $15479.
Now let's move on from the resistance line, as you can see, the price must break above $16,232 first, then we will attack the $16,346, $16,435 and $16,525 levels.
Looking at the CHOP indicator, we see that in the 4-hour interval, the energy was used for the decline as assumed, the MACD indicator also confirms the downward trend, while we see that the volume is with the advantage of sellers, but it can be seen that it has decreased significantly.
Let's start with setting the support line and as you can see the first support is currently at 0.5 Fibonacities around the price of $16144, if the support is broken then the next support is $15986, $15765 and $15479.
Now let's move on from the resistance line, as you can see, the price must break above $16,232 first, then we will attack the $16,346, $16,435 and $16,525 levels.
Looking at the CHOP indicator, we see that in the 4-hour interval, the energy was used for the decline as assumed, the MACD indicator also confirms the downward trend, while we see that the volume is with the advantage of sellers, but it can be seen that it has decreased significantly.