Hello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is fighting for an upward exit from the local sideways trend channel.
Let's start with drawing a support line, but here we will first mark a strong support zone from $26541 to $26209, when the price drops below we have another support at $25803.
Now let's move to the resistance line, as you can see the first resistance is $27792, if you manage to break it the next resistance will be $28273 and $28966.
Looking at the CHOP indicator, we see that the energy has been used in the current increase, the MACD confirms the local uptrend, while the RSI shows that the indicator has crossed the upper limit, which may indicate a rebound in the near future.
Let's start with drawing a support line, but here we will first mark a strong support zone from $26541 to $26209, when the price drops below we have another support at $25803.
Now let's move to the resistance line, as you can see the first resistance is $27792, if you manage to break it the next resistance will be $28273 and $28966.
Looking at the CHOP indicator, we see that the energy has been used in the current increase, the MACD confirms the local uptrend, while the RSI shows that the indicator has crossed the upper limit, which may indicate a rebound in the near future.