Hello everyone, let's take a look at the BTC to USDT chart over the 1 hour timeframe. As you can see, the price has dropped below the local uptrend line.
Let's start with determining the support line and as you can see the first support is $ 29,869, which is now the price, if the support breaks, the next one is $ 29,166 and $ 28,287.
Now let's move from the resistance line as you can see the first resistance is $ 30,489, if you can break it the next resistance will be $ 30,840, $ 31,140 and $ 31,439.
Looking at the CHOP indicator, we can see that the energy has been depleted within 1 hour, while the MACD indicator shows a local downward trend.
Let's start with determining the support line and as you can see the first support is $ 29,869, which is now the price, if the support breaks, the next one is $ 29,166 and $ 28,287.
Now let's move from the resistance line as you can see the first resistance is $ 30,489, if you can break it the next resistance will be $ 30,840, $ 31,140 and $ 31,439.
Looking at the CHOP indicator, we can see that the energy has been depleted within 1 hour, while the MACD indicator shows a local downward trend.