Hello everyone, let's take a look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local uptrend line.
When we spread the Trend Based Fib Extension grid, we can determine the support zone from $27,652 to $27,401, then we have support at $27,089, and then we can see the price drop to the support level of $26,171.
Looking the other way, you can see the resistance zone from $28,141 to $28,439, while further on you can mark the second zone from $28,751 to $29,184.
Looking at the CHOP index, we see that the energy is exhausted at this moment, on the STOCH index we are high, which may result in a price drop, and on the RSI index, we are at the upper limit, which may result in a price recovery.
When we spread the Trend Based Fib Extension grid, we can determine the support zone from $27,652 to $27,401, then we have support at $27,089, and then we can see the price drop to the support level of $26,171.
Looking the other way, you can see the resistance zone from $28,141 to $28,439, while further on you can mark the second zone from $28,751 to $29,184.
Looking at the CHOP index, we see that the energy is exhausted at this moment, on the STOCH index we are high, which may result in a price drop, and on the RSI index, we are at the upper limit, which may result in a price recovery.