Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the interval of four hours. First of all, we will use the yellow line to mark the uptrend, as we can see that the price has now gone a little below. Next, using the blue lines, we will mark the local downtrend channel in which we are currently moving.
Now we can move on to marking support areas in case the correction starts to deepen further. And here, in the first place, it is worth marking a strong support zone from $ 27566 to $ 26637, however, when we fall below this zone, we can see a drop to around $ 25398, and then a strong drop to around $ 21868.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we have a significant resistance at $ 29672, when we manage to break it, second strong resistance at $ 31385, then third resistance at $ 32747.
Now let's look at the Cross 10 and 30 EMAs which indicate that we are in a local downtrend. At this point, however, it is worth looking at the EMA Cross 50 and 200, we should watch if the yellow EMA Cross 50 line crosses the blue line from above, which could indicate a return to a long-term downtrend.
Please pay attention to the CHOP index which indicates that a lot of energy has accumulated, the MACD indicator indicates a local uptrend. On the other hand, on the RSI, we can see that we are moving at the lower limit, which gives the chart a local sideways trend and moments of respite.
Now we can move on to marking support areas in case the correction starts to deepen further. And here, in the first place, it is worth marking a strong support zone from $ 27566 to $ 26637, however, when we fall below this zone, we can see a drop to around $ 25398, and then a strong drop to around $ 21868.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we have a significant resistance at $ 29672, when we manage to break it, second strong resistance at $ 31385, then third resistance at $ 32747.
Now let's look at the Cross 10 and 30 EMAs which indicate that we are in a local downtrend. At this point, however, it is worth looking at the EMA Cross 50 and 200, we should watch if the yellow EMA Cross 50 line crosses the blue line from above, which could indicate a return to a long-term downtrend.
Please pay attention to the CHOP index which indicates that a lot of energy has accumulated, the MACD indicator indicates a local uptrend. On the other hand, on the RSI, we can see that we are moving at the lower limit, which gives the chart a local sideways trend and moments of respite.