Hello everyone, I invite you to every Monday's 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 blue lines to mark the local uptrend channel in which the BTC price is moving.
At this point, it is worth looking at the EMA Cross 10 and 30, which confirm the return to the local downtrend, but on the volume, which also indicates a definite advantage of sellers, we can observe that this volume is quite low.
Now we can move on to marking support areas in case of deepening of the current correction. And here we see that the price is just before the support at $ 29359, then we have the second support at $ 28850, then there is a strong support zone from $ 28314 to $ 27570, if the zone is broken the next support is at $ 26635.
Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. The first resistance is at $ 29696, then we will mark the resistance zone from $ 29947 to $ 30660 when it is broken, and the next resistance is at $ 31045. Further we can see an increase to around $ 32117.
Please pay attention to the CHOP index which indicates that the energy has been used in the current correction, the MACD indicator confirms the ongoing local downtrend, while the RSI has a strong rebound, which may indicate that the current correction will start to slow down.
At this point, it is worth looking at the EMA Cross 10 and 30, which confirm the return to the local downtrend, but on the volume, which also indicates a definite advantage of sellers, we can observe that this volume is quite low.
Now we can move on to marking support areas in case of deepening of the current correction. And here we see that the price is just before the support at $ 29359, then we have the second support at $ 28850, then there is a strong support zone from $ 28314 to $ 27570, if the zone is broken the next support is at $ 26635.
Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. The first resistance is at $ 29696, then we will mark the resistance zone from $ 29947 to $ 30660 when it is broken, and the next resistance is at $ 31045. Further we can see an increase to around $ 32117.
Please pay attention to the CHOP index which indicates that the energy has been used in the current correction, the MACD indicator confirms the ongoing local downtrend, while the RSI has a strong rebound, which may indicate that the current correction will start to slow down.