Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the interval of one hour. First, we will use the blue lines to mark the downward channel from which the price went up at the uptrend line, but now we can mark the local channel in which the price dynamically went down.
In order to determine price support, we will lay out the trend based fib extension grid, and we see that price has gone down to $25,801 support, then we have a strong support at $25,525, and then a third very strong support at $25,157.
Looking the other way, we can determine the places of resistance in a similar way. We will first mark resistance at $26,210, once it is broken, the price has a resistance zone from $26,430 to $26,603 on its way, and when it manages to break above this zone, the price will have to break through the resistance at $26,776.
When we turn on the EMA Cross 10 and 30, we see a place of a strong price drop where the red line of the ema cross 10 crossed the green line from above, which confirmed the return to the downtrend.
Please pay attention to the CHOP index which indicates that most of the energy in this downward move has been used up, the RSI also has a rebound to the lower part of the range, while the STOCH indicator indicates that the energy in this move is exhausted, which may stop the price falling further.
In order to determine price support, we will lay out the trend based fib extension grid, and we see that price has gone down to $25,801 support, then we have a strong support at $25,525, and then a third very strong support at $25,157.
Looking the other way, we can determine the places of resistance in a similar way. We will first mark resistance at $26,210, once it is broken, the price has a resistance zone from $26,430 to $26,603 on its way, and when it manages to break above this zone, the price will have to break through the resistance at $26,776.
When we turn on the EMA Cross 10 and 30, we see a place of a strong price drop where the red line of the ema cross 10 crossed the green line from above, which confirmed the return to the downtrend.
Please pay attention to the CHOP index which indicates that most of the energy in this downward move has been used up, the RSI also has a rebound to the lower part of the range, while the STOCH indicator indicates that the energy in this move is exhausted, which may stop the price falling further.