Hello everyone, I invite you to review the current situation on BTC in pair to USDT, taking into account the one-week interval. First of all, we will use the blue lines to mark the uptrend channel from which the price goes sideways, while locally, with the help of yellow lines, we can mark the downtrend channel.
Now we can move on to marking support areas in case the correction starts to deepen. And here, in the first place, it is worth marking a strong support zone from $ 26,437 to $ 25,262, however, when we fall below this zone, we can see a drop to around $ 21,684.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we will mark the resistance zone from $28,635 to $30,271, when we manage to break it, we have a second zone from $32,979 to $34,819. Only when the price breaks through both zones will it be able to move towards resistance at $37,426
At this point, it is worth mentioning that the price is still in a long-term uptrend above the EMA Cross 200.
Please note the CHOP index which indicates that most of the energy has been used, the MACD indicator indicates the transition to a downtrend, while the RSI is approaching the middle of the range, but there is plenty of room for the price to go lower to the previously mentioned support zone.
Now we can move on to marking support areas in case the correction starts to deepen. And here, in the first place, it is worth marking a strong support zone from $ 26,437 to $ 25,262, however, when we fall below this zone, we can see a drop to around $ 21,684.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we will mark the resistance zone from $28,635 to $30,271, when we manage to break it, we have a second zone from $32,979 to $34,819. Only when the price breaks through both zones will it be able to move towards resistance at $37,426
At this point, it is worth mentioning that the price is still in a long-term uptrend above the EMA Cross 200.
Please note the CHOP index which indicates that most of the energy has been used, the MACD indicator indicates the transition to a downtrend, while the RSI is approaching the middle of the range, but there is plenty of room for the price to go lower to the previously mentioned support zone.