Hello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving below the local downtrend line.
Let's start with setting the support and as you can see the first support is the zone from $16780 to $15925, if the support is broken then the next support is $15233.
Now let's go from the resistance line, as you can see the first resistance is $16995, if you manage to break it, the next resistance will be $17376, $17862 and $17994.
Looking at the CHOP indicator, we see that in the 4-hour interval we have a lot of energy for the next move, and the MACD indicator indicates that we are close to entering a downtrend.
Let's start with setting the support and as you can see the first support is the zone from $16780 to $15925, if the support is broken then the next support is $15233.
Now let's go from the resistance line, as you can see the first resistance is $16995, if you manage to break it, the next resistance will be $17376, $17862 and $17994.
Looking at the CHOP indicator, we see that in the 4-hour interval we have a lot of energy for the next move, and the MACD indicator indicates that we are close to entering a downtrend.