Hello everyone, I invite you to review the current situation on BTC in the USDT pair, taking into account the one-hour interval. First of all, we will use the yellow line to mark the local upward trend line from which the price broke down. As we can see, despite several attempts to return above this line, the price was rejected.
Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking the support zone which stopped the current correction from $27,248 to $27,012, but when we fall below this zone, we may see a drop to around $26,710, and then a quick decline even to the support level at $25,846.
Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we will mark the resistance zone from $27,776 to $28,152, when it is overcome, we have resistance at $28,458, and then a strong resistance zone from $28,762 to $29,195.
Please pay attention to the CHOP index, which indicates that the energy is gaining more and more strength, the STOCH indicator shows a quick use of energy and then a sudden increase, but looking at the RSI index, we have not exceeded the lower limit, which may still affect the next correction attempt.
Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking the support zone which stopped the current correction from $27,248 to $27,012, but when we fall below this zone, we may see a drop to around $26,710, and then a quick decline even to the support level at $25,846.
Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we will mark the resistance zone from $27,776 to $28,152, when it is overcome, we have resistance at $28,458, and then a strong resistance zone from $28,762 to $29,195.
Please pay attention to the CHOP index, which indicates that the energy is gaining more and more strength, the STOCH indicator shows a quick use of energy and then a sudden increase, but looking at the RSI index, we have not exceeded the lower limit, which may still affect the next correction attempt.