Hello everyone, I invite you to the Friday cryptocurrency review. Let's start by checking the current situation on the BTC pair to USDT, taking into account the four-hour interval. First, we will use the blue lines to mark the local downtrend channel, from which the price went up by the height of the indicated channel.
Now we can move on to marking the support areas when the price recovers from the current increases. And here we first have support at $29,994, then second support at $29,095, then third support at $28,342, however when the price goes lower, we have a strong support zone from $27,589 to $26,520.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. And here we can immediately see that the price is in front of a strong resistance at the golden point of the fib retracement, at $31838, when it manages to break it, the second resistance is at $33,790, and when the price breaks it, it will move towards resistance at the price $36,247.
Please pay attention to the CHOP index, which indicates that the energy is gathering more and more strength, the MACD indicator indicates an attempt to maintain an uptrend, while the RSI shows a strong increase, which may bring a slight rebound or a temporary sideways trend.
Now we can move on to marking the support areas when the price recovers from the current increases. And here we first have support at $29,994, then second support at $29,095, then third support at $28,342, however when the price goes lower, we have a strong support zone from $27,589 to $26,520.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. And here we can immediately see that the price is in front of a strong resistance at the golden point of the fib retracement, at $31838, when it manages to break it, the second resistance is at $33,790, and when the price breaks it, it will move towards resistance at the price $36,247.
Please pay attention to the CHOP index, which indicates that the energy is gathering more and more strength, the MACD indicator indicates an attempt to maintain an uptrend, while the RSI shows a strong increase, which may bring a slight rebound or a temporary sideways trend.