Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price has definitely moved upwards from the downtrend channel by the height of the channel.
Let's start by drawing a support line and as you can see the first support if the price wants to pull back is $28785, the second support is at $28016, then we have a strong support zone from $27409 to $26801 and then a strong support at $25933.
Now let's go from the resistance line, as you can see the price has broken a strong resistance and it's important that it holds it now, the second resistance is at $31017 and once we break it we will move towards the resistance at $34838
Looking at the CHOP indicator, we see that the energy has been used in the recent increase, the MACD confirms a strong upward trend, while the RSI shows a definite overheating of the indicator, which may translate into a rebound in the price.
Let's start by drawing a support line and as you can see the first support if the price wants to pull back is $28785, the second support is at $28016, then we have a strong support zone from $27409 to $26801 and then a strong support at $25933.
Now let's go from the resistance line, as you can see the price has broken a strong resistance and it's important that it holds it now, the second resistance is at $31017 and once we break it we will move towards the resistance at $34838
Looking at the CHOP indicator, we see that the energy has been used in the recent increase, the MACD confirms a strong upward trend, while the RSI shows a definite overheating of the indicator, which may translate into a rebound in the price.